Australian Bauxite Limited shareholders on Thursday overwhelmingly voted to change the company's name to ABx Group Limited, to reflect its diversification from its best known activity, bauxite mining.

Former Tasmanian Labor premier Mr Lennon updated shareholders on mining plans and the activities of the two high technology units.

Those involve its discovery of rare earth elements in its Tasmanian bauxite tenements and 87 per cent owned subsidiary Alcore's development of technology to produce lucrative aluminium fluoride for use in aluminium smelters.

Alcore is working towards a a potentially jobs-rich production facility in Tasmania.

Mr Lennon said Alcore was assembling the early stages of a pilot plant in New South Wales which would gather engineering data for design and costing of a commercial production plant.

"Alcore plans to build its plant in Bell Bay, Tasmania, and, once in production, Alcore can expand into advanced technologies including lithium-ion batteries, HF acid (hydrofluoric acid) and fluorine gas," Mr Lennon said.

"A major benefit of the Alcore process is its use of smelter waste products as its source of fluorine, thus increasing recycling credits in modern aluminium smelters."

Mr Lennon said ABX had several rare earth elements prospects across Northern Tasmania and had doubled its rare earth elements drilling budget to $600,000.

The company's type of rare earth elements was attractive because it was rich in rare earth metals that created super magnets needed for electric vehicles, wind turbines, modern smart phone and military devices, could be developed quickly at low cost, was at a shallow depth and was free of radioactive elements.

ABx is shifting bauxite mining from Bald Hill, near Campbell Town, to its Fingal Rail project, also in the Midlands.

Mr Lennon said Fingal Rail could deliver fertiliser grade and cement grade bauxite for more than 15 years.