2006 Annual Report
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2006 Aurox Annual Report web.pdf (1.7 MB)Aurox Resources Limited (“Aurox”) is nearing the end of its second exciting year since listing on the australian Stock exchange in october 2004. Following the announcement in April 2005 of the Company’s entry into the Balla Balla option agreement, Aurox management and study managers lycopodium engineers have worked diligently to complete a Bankable Feasibility Study (“BFS”) into the production of 4700 tonnes per annum of vanadium as ferrovanadium.
The BFS was originally scheduled for completion in September 2006; however, the recently signed Heads of agreement with Chengde iron & Steel Group Co ltd and China Metallurgical Group Corporation has provided an opportunity to extend the scope of the BFS. The Heads of agreement provides for the sale of 2 million tonnes of titanomagnetite concentrate per annum for the life of the project. As a consequence, aurox is currently studying the many benefits of a second revenue stream to supplement the vanadium sales and has made the decision to increase the scope of the vanadium BFS so that data relating to the new iron ore project may be incorporated. It is expected that the additional work will involve a further 6 to 8 weeks of study, with the BFS likely to be completed by the end of November.