Perth exploration company Bauxite Resources has announced a return of about $9.3 million to shareholders, which has jumped the company's share price by 12 per cent.
A joint venture between Bauxite Resources and Chinese conglomerate Yankuang Resources has withdrawn its application to the Environmental Protection Authority to secure approvals for a controversial bauxite mining project in the Darling Range.
Bauxite Resources says its new joint venture partner, Yankuang Resources, will reimburse it $6.1 million in exploration costs and pay 70 per cent of the cost of future exploration and mining.
Controversial junior bauxite miner Bauxite Resources has agreed to enter a revised heads of agreement with Chinese conglomerate Yankuang Resources to build a major alumina refinery in the South West.
