Queensland Bauxite (ASX:QBL) has received a notice of initial substantial shareholding from China Bauxite Trading & Investments Company (CBTIC) with a 9.1% interest.

CBTIC had invested $910,000 in the company through a placement priced at $0.014 per share, giving it 65 million shares in QBL.

Proceeds from the placement will be used to finance further development of the potentially 2015 producing South Johnstone Bauxite project.

CBTIC was founded by Yongjin Li who spent 15 years working for China Non Ferrous Metal Corporation (CNNC), the former parent company of CHINALCO, CNMC, JNMC and Minmetals.

Li spent 15 years working for CNNC and was a Project Manager in charge of importing and exporting of non-ferrous metal for their alumina refineries.

He also held the position of marketing manager with Sino Metal, which is CNNC’s Australian subsidiary.