Australian Bauxite changes its name to ABx Group

Paul Lennon, the Chairman of the board at Australian Bauxite Limited, claims that a Tasmanian miner pursuing high technology has developed two "major prospects with tremendous upside potential in the near future."

Shareholders of Australian Bauxite Limited voted decisively on Thursday to alter the company's name to ABx Group Limited, reflecting the company's diversification away from its most well-known operation, bauxite mining.

Mr. Lennon, the former Tasmanian Labor premier, informed shareholders on mining intentions as well as the activities of the two high-tech businesses. These include the finding of rare earth elements in its Tasmanian bauxite tenements and the development of technology by its 87 percent-owned subsidiary Alcore to generate profitable aluminium fluoride for use in aluminium smelters. Alcore is working on a production plant in Tasmania that might create a lot of employment.

Mr Lennon said Alcore was putting together the first phases of a pilot facility in New South Wales to collect engineering data for the design and costing of a commercial manufacturing unit.

"Alcore plans to build its plant in Bell Bay, Tasmania, and, once in production, Alcore can expand into advanced technologies including lithium-ion batteries, HF acid (hydrofluoric acid) and fluorine gas. A major benefit of the Alcore process is its use of smelter waste products as its source of fluorine, thus increasing recycling credits in modern aluminium smelters," said Mr Lennon.

Mr Lennon said ABX had multiple rare earth element potential in Northern Tasmania and had increased its rare earth drilling budget to $600,000.

The company's rare earth elements were appealing because they were rich in rare earth metals that created super magnets needed for electric vehicles, wind turbines, modern smart phones, and military devices, could be developed quickly at a low cost, were at a shallow depth, and were free of radioactive elements. They could also be developed quickly at a low cost, were at a shallow depth, and were free of radioactive elements. Bauxite mining is being relocated from Bald Hill, near Campbell Town, to ABx's Fingal Rail project in the Midlands. Fingal Rail, according to Mr Lennon, could provide fertiliser and cement grade bauxite for more than 15 years.