ABx Group (ASX:ABX) is pursuing the monetization of its Binjour bauxite project in Queensland and the Taralga bauxite project in New South Wales as the prices of the mineral rise, according to a Thursday Australian bourse filing.
This includes updating mine studies to prioritize an earlier start to production.
The company also plans to start bauxite mining at the DL130 bauxite project in Tasmania, per the filing. The assessment of the mine lease application by Meander Valley Council, the Environment Protection Authority, and Mineral Resources Tasmania is ongoing.
It is in discussions with numerous parties regarding offtake, direct investment, and potentially purchasing one of the assets.
Bauxite prices rose globally due to severe supply disruptions from Guinea and reduced production in China, with the price of bauxite delivered from Guinea to China rising by 60% in the last four months, the filing noted.
The firm's shares rose almost 14% in recent trading on Thursday.
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