Queensland Bauxite Ltd Positive prospects

Positive prospects: Queensland Bauxite Ltd (ASX: QBL) stock rallied 60% on March 16, 2017 given the group’s positive half year update and prospects. The group is working towards final approval to secure the Minerals Development Licence (MDL) for the South Johnstone Bauxite Project. Post this MDL grant, the group would be able further ship from South Johnstone Bauxite project to effectively prove the long-term economic and operational feasibility of the project. Meanwhile, the group also acquired 55% of unlisted public company, Medical Cannabis Limited (MCL) to tap the medical Cannabis sector and hemp seed food industry, in Australia and worldwide. MCL’s licenses for ‘live seed’ importation would help the group to capture commercialization opportunities in the hemp seed food market. Moreover, Vitahemp which is MCL’s subsidiary is a hemp seed food company with an objective to produce Australia’s first legal hemp seed food products. QBL has recently obtained an approval from NSW Department of Primary Industries to grow indoors a selection of its plant varieties (cannabis) at a private location.         

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