Emerging bauxite company Cape Alumina Ltd
(ASX:CBX) says it welcomes the Queensland Government’s decision to reject a petition to stop mining on the Steve Irwin Wildlife Reserve where part of the company’s Pisolite Hills bauxite project overlaps.
The QLD Government base its decision on the project after considering the project’s Environmental Impact Statement which will identify how the project would potentially impact on environmental values of the area.
The Environmental Impact Statement is expected to be completed by the first half of 2010.
Managing Director Dr Paul Messenger says the company has no plans to mine any wetlands, rivers, springs, or areas of high conservation value, and the Wenlock River will be fully protected under its operational and environmental management plans.
The company says the project is expected to generate up to $4 billion in exports, hundreds of millions in state royalties and federal taxes and provide much needed opportunities for Aboriginal people in Cape York.
Cape Alumina expects to be in a position to commence production in 2012.
Cape Alumina posted a loss for the year to June 30, 2009.
