Yankuang Resources Pty Ltd signed a non-binding memorandum of understanding to acquire 50% stake in Bauxite Alumina Joint Ventures Pty Ltd And 100% of Fortuna Bauxite rights from Bauxite Resources Limited (ASX:BAU) for AUD 7.2 million on October 21, 2015. In related transactions, Bauxite Resources will buy back 19.7 million of its shares from Yankuang Resources for AUD 1.2 million and existing Joint Ventures between the parties will be terminated. Yankuang and Bauxite Alumina Joint Ventures will pay Bauxite Resources a royalty of 0.9% of the FOB price for the first 100 million tons of bauxite mined from the Fortuna and Felicitas tenements. BRL will transfer to Yankuang all its interest in the tenements that relate to the joint ventures. Subject to the agreement of the tenement holder, BRL will assign its rights in the Fortuna bauxite resource to Yankuang and in the event that the Fortuna tenement holder does not agree, then the royalty right referred to above will be reduced to the first 87 million tons; and Yankuang's Nominee Director will resign from the Board of Bauxite Resources. The transaction is subject to approval by Board of Directors of Yankuang, Bauxite Resources, shareholders of Bauxite Resources, approval by the State-Owned Assets Supervision and Administration Commission of the Peoples Republic of China. It is anticipated that BRL shareholder approval will be sought in December 2015. As on November 30, 2015, Yankuang Resources Pty Ltd signed final agreements to acquire 50% stake in Bauxite Alumina Joint Ventures Pty Ltd And 100% of Fortuna Bauxite rights from Bauxite Resources Limited (ASX:BAU). As of December 10, 2015, the deal has been approved by the State-Owned Assets Supervision and Administration Commission of the Peoples Republic of China and is only subject to BRL shareholder approval at a meeting scheduled on January 18, 2016. As of January 18, 2016, the deal got approval from BRL's shareholders.

Yankuang Resources Pty Ltd completed the acquisition of 50% stake in Bauxite Alumina Joint Ventures Pty Ltd And 100% of Fortuna Bauxite rights from Bauxite Resources Limited (ASX:BAU) on January 18, 2016.