Sierramin seeks investors for bauxite development
2021-01-13 08:30:01 [Print]
BEIJING (Asian Metal) 13 Jan 21 - Sierramin Bauxite (SL) Ltd., a new bauxite producer in Sierra Leone, is seeking partners to join the investment of a bauxite project with reported reserves of around 100 million tons, a source from the company reported to Asian Metal.
"The reported reserves keep at around 100 million tons and potential reserves could reach around 150 million tons," said the source, noting that they are expecting an initial financing of around USD45 million. After successful financing, they could start mining operation in following nine months.
The mining area, around 20km away to an existing port, would produce gibbsite bauxite Al2O3 47%min SiO2 3%max with initial planned annual production capacity at 5 million tons. Through barges transshipment, they could use cape-size vessels for export.
Present mainstream prices for imported bauxite Al2O3 47%min SiO2 3%max keep at USD44-45/dt CIF China, unchanged from early this month. Chinese new purchase demand for imported bauxite remains weak now for the huge inventories.
Because of the lockdown rule in Hebei, Chinese alumina refineries in Shanxi and Inner Mongolia now face bauxite delivery problem from Hebei ports and are managing to find bauxite from Tianjing port. If the situation continues late this month, refineries in Shanxi might increase the consumption volume of Chinese local bauxite.
"The reported reserves keep at around 100 million tons and potential reserves could reach around 150 million tons," said the source, noting that they are expecting an initial financing of around USD45 million. After successful financing, they could start mining operation in following nine months.
The mining area, around 20km away to an existing port, would produce gibbsite bauxite Al2O3 47%min SiO2 3%max with initial planned annual production capacity at 5 million tons. Through barges transshipment, they could use cape-size vessels for export.
Present mainstream prices for imported bauxite Al2O3 47%min SiO2 3%max keep at USD44-45/dt CIF China, unchanged from early this month. Chinese new purchase demand for imported bauxite remains weak now for the huge inventories.
Because of the lockdown rule in Hebei, Chinese alumina refineries in Shanxi and Inner Mongolia now face bauxite delivery problem from Hebei ports and are managing to find bauxite from Tianjing port. If the situation continues late this month, refineries in Shanxi might increase the consumption volume of Chinese local bauxite.
Bauxite 58%min, Al/Si 5.0, Ex-VAT Delivered China
Unit:RMB/mt
China bauxite producers' inventory to production ratio statistics by province by month
Unit: %
