Lindian Resources Limited has signed an exclusive option agreement with KB Bauxite Guinea SARLU and its sole shareholder Guinea Bauxite Pty Ltd.
The agreement is to acquire the Gauoal Bauxite Project which is completely owned by KB. The project is located in the Gauoal Prefecture in NW Guinea. Guinea was strategically chosen as it produces high-quality bauxite due to its tropical location.
Non-Executive Director Steve Formica, claims the Gauoal Bauxite Project has great potential to transform Lindian into a high-grade bauxite producer with assets across Africa, “allowing us to on several competitive and logistical advantages.”
Lindian has the option of acquiring 51 interest in the project through spending US$1m over the next two years with rights to move to 75 equity interest.
Bob Adam, the former CEO and Project Director of AMC, has been appointed the technical consultant for Lindian. He is to review and progress the Gauoal Bauxite Project and is entrusted to do so with his extensive experience in the field. Lindian will be updating shareholders on the drilling progress as well as Bob’s positive input.
Please find the announcement attached