According to recent reports, ABx Group (ASX:ABX) has secured USD 2.7 million of funding from Good Importing International (GII) to accelerate its Sunrise Bauxite Project in Queensland. The funding by GII marks a strategic partnership that is directed to fast-track the development and positioning of the Sunrise Bauxite project for near-term production.
Under this agreement, GII is supposed to hold 70 per cent interest in the Sunrise Bauxite Project. The funds invested by GII will be primarily invested in finishing off the project design, so that the initial extraction of the bauxite from the Binjour mine becomes successful. The exports of the first extracted bauxite are planned through the Port of Bundaberg.
ABx Group is an Australian resources company focused on developing heavy rare earths, clean fluorine chemicals, and bauxite, all of which are critical for sustainable and advanced manufacturing industries.
Stage one of the project is centred on key developmental goals. These goals include securing government approvals and land access agreements, obtaining permits to extract at least 800,000 tonnes of direct shipping ore (DSO) bauxite. It also includes finalising the mine plan along with port infrastructure design. This initial phase is scheduled for completion within the next 24 months.
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Following the successful completion of the first stage of bauxite extraction, GII is anticipated to invest another USD 2.7 million in a share-based subscription. This will increase its ownership in Sunrise Project by 75 per cent.
ABx and GII have jointly developed an updated project concept that takes advantage of Gladstone Ports Corporation’s existing common-user infrastructure at Bundaberg Port. This collaboration is expected to significantly reduce capital expenditure and shorten the timeline to production, compared with previous project designs.
ABx Group CEO Mark Cooksey said the new investment brings the resources, technical skills, and commitment required to advance the Sunrise Project towards production. “With strong demand and a tight global supply of bauxite, this partnership places the project in an excellent position to succeed,” Cooksey said.
The Sunrise Bauxite Project hosts an estimated 37 million tonnes of gibbsite-type metallurgical bauxite, with operations centred around the Port of Bundaberg.
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