Australian Bauxite Limited has announced the finalisation of a Heads of Agreement (HoA) with technology provider Refined Ore Industries Limited (ROIL) for its ALCORE project. The project which aims at developing a bauxite beneficiation and refining technology to produce aluminium fluoride from bauxite now enters an important phase with this agreement.
ABx has been working in close association with ROIL for the commercial and technological development of the bauxite beneficiation and refining technology over the past 3 years. Later it was offered the licence by ROIL for bauxite processing.
However the license is based on the following terms:
1. Exclusive global rights for the refining of bauxite, to produce Aluminium Fluoride (AlF3), and coproduct oxides of aluminium, silicon, iron, titanium from the bauxite;
2. Production of Corethane Gas from the refining of coal to provide electrical power, heating and cooling for the bauxite refining plant so that is has energy security; and,
3. Exclusive global marketing rights for all Aluminium Fluoride (AlF3) and related coproducts produced by other ROIL technology projects unrelated to ABx in Australasia and Asia.
On completion of the Full Agreement, ABx shall be issuing 1.4 million ABx shares to ROIL.
ROIL is the owner of the technology intellectual property company, Berkeley Process Technologies Pty. Ltd. which owns the patent for the bauxite refining technology. ABx assisted ROIL to finalise and lodge this patent application to ensure progress of ALCORE project.
The ALCORE project will apply the low energy, low emissions CORE Process to refine bauxite ore containing aluminium and other metals to extract Aluminium Fluoride (AlF3) and coproducts including highly pure forms of silica, iron oxide and titanium oxide pigment.