ABx Group appoints Joycelyn Morton as director

ABx Group (ASX:ABX) has appointed Joycelyn Morton as an independent non-executive director as it looks to accelerate a number of ‘outstanding’ opportunities.

Managing Director and Chief Executive Officer Mark Cooksey tells Mining.com.au, Morton has a long experience as a director both of large companies like Australia’s largest specialised naval defence company ASC, as well as Snowy Hydro.

She also has experience within smaller companies like ABx Group, including Gelion, which is the developer of innovative battery technologies, he says.

“This has been an appointment that we’ve been thinking about for some time.
The boards of both ABx and ALCORE recognise that rejuvenation was appropriate and so we’re very delighted to welcome Joycelyn to the boards and we look forward to her contribution over coming years.”

Cooksey says: Morton brings substantial expertise in growing small, innovative companies, and her experience across a broad range of industries is ideally suited to ABx’s portfolio of growth opportunities.

“With the addition of Ms Morton, ABx looks forward to accelerating the development of its two outstanding opportunities; the ionic adsorption clay rare earth project in northern Tasmania, and the ALCORE process to convert aluminium smelter waste into high value hydrogen and aluminium fluoride.”

Morton will replace long-serving ABx non-executive director Ken Boundy, who has stepped down to focus on other director duties, alongside the ALCORE director position previously held by Derek Firth prior to his resignation in late 2023. 

She currently serves as a non-executive director of two ASX-listed companies; investment company Argo Global Listed Infrastructure (ASX:ALI) and developer of a procurement management platform and vendor marketplace for the construction sector Felix Group (ASX:FLX). She is also a non-executive director of AIM-listed Gelion and privately held Epic Energy Group.

Morton has previously had non-executive director positions across a range of boards, including specialised naval defence company ASC, Snowy Hydro, and Beach Energy (ASX:BPT).

Cooksey adds: “I would like to thank Ken Boundy for his substantial and insightful contributions to ABx, having served on the board for over a decade. 

“Over this long period, Ken has provided critical guidance overseeing ABx’s strategy and leaves the company well-positioned for future success. Similarly, I would like to thank Derek Firth for his support and astute contributions to ALCORE since its inception in 2018.”

ABx Group is a high-tech Australian company looking to deliver materials for a cleaner future. The company is focused on the creation of an ionic adsorption clay rare earth project in northern Tasmania, and establishing a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste via its 83% owned subsidiary ALCORE. 

As of 31 December 2023, the company had $5.85 million in cash at hand, according to its latest quarterly report. Since then, ABx raised $615,960 via a share purchase plan. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Argo Infrastructure
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Magnum Mining retains NY law firm to lead North American push

Magnum Mining & Exploration (ASX:MGU) has enlisted the services of New York-based law firm Ellenoff Grossman & Schole to facilitate its capital raising activities in the United States.

Founded in 1992, Ellenoff Grossman & Schole specialises in several areas of commercial law, including corporate, securities, real estate, intellectual property, labour and employment, and taxation.

In June 2023, Magnum announced the appointment of EAS Advisers as its corporate strategist, tasked with the two-pronged remit of launching a private placement that would introduce the company to the North American market and pursuing a listing on a ‘major’ US stock exchange.

Now, Ellenoff Grossman & Schole has been retained to assist with these activities and provide legal oversight, though the firm’s appointment is subject to a monthly retainer that can be terminated by notice.

News of the appointment comes just a day after Magnum’s shares fell more than 30% following the release of a Scoping Study for its Buena Vista Iron project in Nevada.

Undertaken by MinRizon Projects, the study outlined the ‘potentially strong financial metrics’ for the project, located 35km south-east of Lovelock, which is expected to be a stand-alone open-pit mine with a conventional crush, grind, and magnetic separation process.

Based on a cut-off grade of 10% iron, the project boasts a resource estimate across 3 deposits — Section 5, West, and East — measuring 232 million tonnes at 18.6% iron. As such, Magnum anticipates the project will produce 1.6 million tonnes of direct reduction iron (DRI) magnetite concentrate per year for an initial mine life of 25 years.

But estimated capital costs for the Buena Vista Project range from US$182 million to US$378 million, while operating costs could fall anywhere between US$44 and US$90 per tonne.

The process plant itself is expected to cost US$96 million to US$200 million, with both on-site and off-site infrastructure requirements slated to cost between US$28 million and $58 million.

Nevertheless, confidence in the project is likely to improve as Magnum progresses to a Pre-Feasibility Study within the next 12 months and a Feasibility Study thereafter. Each is expected to take a year to complete, and the company is, in the meantime, seeking funding to support these studies.

“Magnum is in negotiations with a number of multinational organisations for project collaboration, models for which include product off-take agreements with prepayment arrangements, equity involvement, and debt financing,” the company said in a statement to the ASX yesterday.

Write to Oliver Gray at Mining.com.au

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Written By Oliver Gray
Originally from Perth, Oliver has a keen interest long-form journalism. He has written for a number of publications and was most recently Contributing Editor of The Market Herald’s opinion section, Art of the Essay.