Wintime Energy eyes bauxite resources growth of over 100Mt

Wintime Energy Group announced that a geological survey conducted by China Metallurgical Geology Bureau on its eight coal mines estimates that more than 100 million tonnes of bauxite resources lie underground, including about 69.Asian Metal Copyright .Asian Metal Copyright58 million tonnes of exploitable bauxite at the extraction rate of 60%.

The company said obtaining mining rights of the above mentioned eight mines will increase its bauxite resources by nearly 116 million tonnes, amounting to asset value of RMB3.5 billion (USD487 million) at the price of RMB30/t (USD4.18/t).

What's more, using existing coal mining system to mine bauxite will significantly reduce cost, according to the company. Based on the production capacity of 6.9Mtpa of bauxite for the eight mines combined, the production cost of around RMB300/t (USD41.80/t), and the sales price of RMB450/t (USD62.7/t), when exploiting these mines, the company expects to add annual operating revenue of over RMB2.Asian Metal Copyright What's more, using existing coal mining system to mine bauxite will significantly reduce cost, according to the company.Asian Metal Copyright7 billion (USD376 million) and a net profit of RMB460 million (USD64.Asian Metal Copyright7 billion USD376 million and a net profit of RMB460 million USD64.Asian Metal Copyright1 million).

.Asian Metal Copyright18tAsian Metal Copyright