I believe its been posted here before but its easier to read where it all fits for the new holders.
Bauxite explorer backs Browse gas policy A bauxite explorer in the north Kimberley has welcomed a Western Australian Government policy to reserve a portion of gas from the Browse Basin for domestic use.
Bauxite Australia, a subsidiary of United Minerals Corporation, hopes to use gas from the Browse to power a mine and alumina refinery.
It has just signed a memorandum of understanding with Norwegian company Norsk Hydro to develop the $4 billion project.
Bauxite Australia chairman Alan Birchmore says the project hinges on the partners being able to source a large and reliable supply of both bauxite and gas.
"The Western Australian Government has required that 15 per cent of it be retained for on-shore use, so effectively you have bauxite, plus energy equals alumina and whilst I wouldn't underestimate the length of the journey to get there, the basic ingredients are there," he said.
Cheers holders.
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
