Qld Bauxite looking at more Cannabis investments

PERTH (miningweekly.com) – ASX-listed Queensland Bauxite is actively looking for other investment opportunities as it awaits the grant of a minerals development licence at its South Johnstone bauxite project, in Queensland.

The company on Friday said that following a meeting with the relevant government departments on a proposal to extract some 50 000 t of bauxite, or one shipload of material from the South Johnstone project, to be exported from Mourilyan port, a revised application to the specifications requested by the Department of Environment and Heritage Protection, should be met with a positive response.

The department has requested further explanatory detail on a number of areas, including stormwater management and storage, product handling and stockpiling. A set of air, water and noise monitoring requirements for the pilot project will also be presented as part of the revised set of application documents.

While Queensland Bauxite awaited the grant of a minerals development licence, the company will look at other opportunities to increase shareholder value through projects that could have "significant potential cash flows".

In March this year, Queensland Bauxite announced plans to acquire a 55% stake in unlisted Medical Cannabis Limited (MCL). Since the MCL acquisition, Australia has legalised hemp food consumption, and MCL, through its subsidiary Vitahemp, is now aiming to produce Australia’s first legal hemp seed food products.

Queensland Bauxite told shareholders that the board had every confidence that the MCL investment would far surpass even its initial expectations in terms of benefits to shareholders.

“The Queensland Bauxite board is continuing in its quest to maximise the potential returns from its investment in the cannabis and hemp industries, both in the short term and long term, and the significant potential shareholder value that we believe will be generated as a result of these investments.

“Further lucrative value-adding strategic relationships and opportunities are actively being pursued by the company with a view to enhancing shareholder value,” the company said.