Good Importing International is backing bauxite developer ABx Group to develop its Sunrise project in Queensland.

GII is set to invest up to $5.4 million to take a stake of up to 75 per cent in that project, centred on the Binjour bauxite deposit south-west of Bundaberg.

It will also have a nine-month exclusive option to invest $4.8 million to acquire a 75 per cent interest in the ABx Taralga and Penrose bauxite projects in New South Wales.

“I am delighted to have executed these agreements with GII to secure significant investment into the Sunrise project and potentially the Taralga and Penrose projects,” ABx Group managing director Mark Cooksey said.

“There is tremendous opportunity in global bauxite markets that we plan to capture.

“Good Importing International is highly experienced in financing, developing and securing offtake for Australian bulk commodities projects and we look forward to a long-term productive partnership.”

Related: ABx looks to cash in on surging bauxite prices

ABx has pointed to favourable conditions to bring its projects online, with global bauxite prices spiking in late 2024 and early 2025 due to severe supply disruptions from Guinea and reduced production in China.

Conditions remained primed for further supply disruptions, the company said.

Emirates Global Aluminium (EGA) had announced the complete termination of its bauxite mining operations in Guinea following the government’s expropriation of its mine, for example.

The Sunrise bauxite project consists of a JORC-compliant resource of 37 million tonnes of gibbsite-type metallurgical bauxite at Binjour and port operations at Bundaberg.

ABx and GII have jointly developed an updated project design, which plans to utilise common-user infrastructure established by Gladstone Ports Corporation at Port of Bundaberg.

This would significantly reduce the time to commence production and capital cost compared to earlier project designs, ABx said.

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