A Tasmanian miner with big plans recorded an $847,000 loss for the six months to June 30.
Of that, only $31,000 came from sales, compared to $2.04 million in the corresponding period in 2019.
Australian Bauxite recorded a $1.57 million loss for the first half of 2019 after spending more than $3.6 million on development, exploration and administrative expenses.
That spending was pruned to $1.19 million in the more recent half-year.
Revenue should lift in the current half, with a 33,405 tonne shipment of cement-grade bauxite loaded at Bell Bay in August.
Australian Bauxite, which also has deposits in New South Wales and Queensland, took a swipe at bureaucracy in its interim financial report for the half-year.
“Exploration was partly constrained by COVID-19 travel restrictions, but staff at (Australian Bauxite) and Alcore stayed focussed and achieved a successful half-year despite rising costs and lost time caused by ever-increasing regulatory burdens,” it said.
The company is chaired by former Tasmanian Labor premier Paul Lennon.
Australian Bauxite said Alcore aimed to present a feasibility study on the aluminium fluoride project to investors as soon as possible.
It said Alcore had demonstrated all the key requirements for aluminium fluoride at laboratory scale and was fast tracking a pilot plant-scale confirmation of engineering parameters for the first production module.
“Alcore’s business plan is to increase production steadily by commissioning five of these 10,000 tonne production modules at an industrial site in Bell Bay …,” it said.
The project would be expected to create about 50 jobs at the start, potentially increasing to about 300 as modules were added.
Aluminium fluoride is used for aluminium smelting and is used by the lithium-ion battery industry.