http://au.news.yahoo.com/a/-/newshome/6391928/bauxite-resources-looks-to-refinery-joint-venture/
Bauxite Resources looks to refinery joint venture
PETER KLINGER, The West Australian
October 27, 2009, 9:06 am
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Bauxite Resources is hoping to finalise terms of an alumina refinery joint venture with China's Yankuang Group within months after shareholders yesterday supported the initial funding of the project.
At a general meeting in Perth, shareholders approved the proposed issue of $9.9 million worth of Bauxite shares to Yankuang, in anticipation of a memorandum of understanding between the two groups being converted into a heads of agreement before the end of the year. Yankuang still requires Foreign Investment Review Board approval.
Shareholders also approved Bauxite's landmark $57 million capital-raising. The junior will use the cash to boost its fledgling Darling Range bauxite operation.
A controversial options package to Bauxite chief executive Dan Tenardi was also approved although with substantial shareholder opposition.
The package grants Mr Tenardi four million options, with strike prices of 90¢ and $1.10, to vest once Bauxite achieves a sustainable direct shipping operation of three million tonnes a year. Bauxite shares closed at $1.08 yesterday.
Bauxite had originally proposed options packages for most of its board, and had a less-challenging vesting condition for Mr Tenardi's parcel.
The junior axed the directors' options and modified Mr Tenardi's reward after a shareholder backlash.
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