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Breaking News: Termination of BAJV Looks Imminent

Yangkuang Resources which is a State owned company of the People’s Republic of China and who currently  own 70% of BAJV, looks set to become 100% owners of the Felicitas Resource and will buy out the 100% BRL Fortuna Resource, if a non-binding Memorandum Of Understanding (MOU) regarding the dispute between Yangkuang and BRL becomes reality.

NON-BINDING MEMORANDUM OF UNDERSTANDING FOR RESOLUTION OF DISPUTE AND TERMINATION OF JOINT VENTURES WITH YANKUANG

Representatives of Bauxite Resources Limited (‘BRL’) , Yankuang Resources Pty Ltd (Yankuang), and Yankuang Group Company Ltd (‘YGL’)’), on 21 October 2015, signed a non-binding memorandum of understanding (MOU) recording that they have negotiated a number of proposed transaction documents which, if approved by therespective Boards of Directors of BRL, Yankuang and YGL will see, subject to satisfaction of conditions precedent referred to below:

  • The existing Joint Ventures between the parties terminated;
  • BRL sell its interests in the Joint Ventures and its 100% owned Fortuna bauxite rights to Yankuang for cash consideration and a royalty right; and
  • BRL buy back Yankuang’s shares in BRL and cease to be represented on the BRL Board.

With the Chinese free trade deal all but finalized.

100% Chinese ownership of the Felicitas and Fortuna Resources?

What will this mean for Toodyay, Wundowie, Wooroloo and surrounding areas???

Read the entire article by clicking here.

AHMAG

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