ABx secures A$2.7m strategic funding for bauxite project
ASX-listed ABx Group has received A$2.7-million in Stage 1 funding from Good Importing International (GII) to assist in the development of the Sunrise bauxite project in Queensland.
The investment gives GII a 70% stake in ABx subsidiary ABx3, which holds the Sunrise project. The funds will be used to advance project approvals, finalise the mine plan, and design port infrastructure at Bundaberg for the export of at least 800 000 t of direct shipping ore bauxite.
The Stage 1 programme, expected to take 12 to 24 months, will pave the way for Stage 2 funding – an additional A$2.7-million investment that will lift GII’s ownership of ABx3 to 75%.
ABx Group MD and CEO Mark Cooksey said the partnership provided the capital and expertise needed to bring Sunrise closer to production.
“We are very pleased to have secured funding to develop the Sunrise bauxite project and officially welcome GII as a strategic partner,” he said. “The investment provides the resources, technical skills and commitment needed to advance towards production. With strong demand and tight global supply, we are confident this partnership places the project in an excellent position to succeed.”
The updated project concept, jointly developed by ABx and GII, leverages Gladstone Ports Corporation’s common-user infrastructure at Bundaberg port, significantly reducing both capital requirements and the time to production.
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