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Australian Bauxite reports best rare earth elements find

The date of: 2021-11-30
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A company hoping to mine rare earth elements in Tasmania has reported finding its highest grades yet.

Australian Bauxite Limited said it had found its highest grade of neodymium at its Deep Leads discovery, roughly half-way between Devonport and Launceston.

It told the ASX it was awaiting results from 20 more recent drill holes that could 'materially expand' the extent of known mineralisation.

'ABx's REE mineralisation is enriched in the super-magnetic rare earth elements neodymium, praseodymium, terbium and dysprosium, which are strategically important, high-priced metals needed for electric vehicles, wind turbines, smart phones and military electronics,' the company said.

'Prices are rising rapidly as demand grows strongly.'

The company, best known for mining bauxite in the Midlands, said the rare earth elements mineralisation could be easily processed, like low-grade open pit gold deposits.

It said its exploration work was identifying a large, low-grade mineralised zone that appeared strongest where flow rates of saline groundwater were strong.

The company aims to widen its efforts as coronavirus-driven border restrictions are lifted.

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