VBX signs bauxite offtake agreement with Chinese group
VBX has entered into a bauxite offtake and investment framework agreement with a Hong Kong unit of a Chinese aluminium industry group. The agreement outlines intentions to negotiate terms for a potential investment in the Wuudagu bauxite project in northern Western Australia. The Chinese Group may purchase between two and three million tonnes of bauxite per annum, with pricing based on an agreed market reference index adjusted for quality. The investment is intended to cover a significant portion of construction and commissioning costs. Any final agreement is subject to negotiation of full-form contracts within 90 days after a definitive feasibility study. VBX and the Chinese Group will also explore collaboration on other bauxite assets in Northern Australia, including VBX's Takapinga project in the Northern Territory. VBX founder Ryan de Franck highlighted Wuudagu's low-silica quality and efficient logistics as key attributes.
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