Pretty soon the market will come to grips with the fact that United/Norsk don't need Mitchell Plateau resources to justify the constructinon of an alumina refinery.
I beg to ask, how far have things advanced since the ALUMINA REFINERY (MITCHELL PLATEAU) AGREEMENT ACT 1971?
THIS AGREEMENT made the 17th day of November, One thousand nine hundred and seventy one, BETWEEN THE HONOURABLE JOHN TREZISE TONKIN M.L.A. Premier and Treasurer of the State of Western Australia, acting for and on behalf of the said State and Instrumentalities thereof from time to time (hereinafter called “the State”) of the one part and AMAX BAUXITE CORPORATION a Company incorporated in the State of Delaware United States of America and registered as a foreign company in the State of Western Australia (hereinafter referred to as “the said State”) under the provisions of the Companies Act 1961 , and having its registered office situate at Perth in the said State (hereinafter called “the Company”) of the other part.
WHEREAS:
(a) The Company (and its predecessors in title) at a cost to 17th day of December, 1968 of over One Million Four Hundred Thousand Dollars ($1.4 Million) having established the existence of bauxite reserves within the mining areas defined in Clause 1 hereof and having already carried out certain investigations relating to the mining beneficiation transport and refining of bauxite and the shipment of bauxite and alumina from the mining areas desires to develop such bauxite reserves and to establish a bauxite mining and beneficiation operation and an alumina plant all of which it is anticipated will cost in excess of One Hundred Million Dollars ($100,000,000).
(b) The Company agrees to investigate in due course the feasibility of establishing within the State an industry for smelting alumina produced from ore from the mineral lease as hereinafter defined. _______________________________________________
Wake up minister before you lose this excellent opportunity presented by United/Norsk because they WILL MAKE IT HAPPEN!
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
