TSX-V-listed Copper Ores Company, Altus Strategies, has inked a JV termination deal along with a sale and purchase (SPA) contract with ASX-listed Company, Canyon Resources Corporation. Signing this agreement the company has terminated the prevailing joint venture which was signed back in December 2013.
The SPA has shifted full interest in share capital of the firm’s subsidiary Aucam Resources to Canyon. Aucam is the parent of Aucam SA, the recipient of the company’s Mandoum and Birsok licenses in Cameroon. Situated in Cameroon, the project is linked to Canyon-owned exploration licences, including the potentially large Minim Martap locatedbauxite deposit.
Steven Poulton, CE of Altus, commented that they are happy to have reached on this agreement with Canyon intended to capitalize their Cameroon-based bauxite projects.
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Poulton added that the company is going to make huge benefits with this deal as it pave way for considerable extra shares for the firm in Canyon, which, if reaches completion is worth nearly £3.4 million on the basis of the present value of Canyon’s shares on the ASX. He added that they have also secured huge royalty worth US$1.50 / ton on bauxite ore mined and vended from the project.
Bauxite is rich in aluminum content rock, and the primary ore for aluminum extraction as it has over 35% to 40% of aluminum content. It is among the most widely found elements on earth, which contains nearly 25%-30% of alumina. According to a recent analysis done by Persistence Market Research (PMR), the growing primary aluminum production is triggering Bauxite demand, which is expected to accelerate further in the forthcoming years.
Bauxite is mainly consumed in alumina manufacturing in the aluminum industry, wherein approx. 6.5% of total Bauxite produced is used for non-metallurgical applications. However, the direct impact of Bauxite Mining on nature and surroundings have been raising concerns among environment advocates.
According to a recent PMR study, bauxite mining market is anticipated to grow at 6.6% CAGR by value, reaching US$ 20,661.9 MN by 2026 end. The report mentioned that in recent years, bauxite mining market has witnessed considerable developments from a competitive perspective. Mergers, collaborations, and acquisitions are some of the main strategies, companies are adopting to sustain in the worldwide bauxite mining market.
The 5 leading Bauxite Mining countries are Australia, Brazil, Guinea, China, and India, which as per PMR analysis held 86.2% share in the cumulative Bauxite production Bauxite globally in 2017. Whereas, the 5 main consumers of bauxite are China, India, Russia, Brazil, and Australia, which together held 81% share in total Bauxite consumption in 2017.
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As per PMR report, China is envisaged to dominate bauxite mining market in terms of consumption. Moreover, it is the largest producer of aluminum products globally, which further makes it most significant consumer of alumina and bauxite, both of which are main pre-requisites for the manufacturing of aluminum products.