Yes, that 40 minutes is correct for 1.4.2. Deal with it or get your friend to update the server.
Thanks for the first part :), but was the last part necessary!? 
Posts by DBArcAngel
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Still using 1.4.2? That version misses majority of the machines that got added. Bauxite was moved to one of the new ones that completes the function far faster
I know, it was moved to be used with the industrial Electrolyzer but i play on my friends server and he hasn't updated to 1.4.5/1.4.6 yet due to working.
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Just wondering if the server i play on needs to be restarted or if the recipe time is right for bauxite (2,500 sec = 41.6 mins), i think the server is the problem as the progress arrows show as full white and not grayed out. I is a great add-on to IC2
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Work's fine for me too.