ABx Group (ASX:ABX) and Core Refining jointly agreed to terminate a heads of agreement, because ABx no longer requires the latter firm's intellectual property for the ALCORE project, according to a Tuesday Australian bourse filing.

Core Refining was previously known as Refined Ore Industries and its intellectual property related to the refining of various ore types using a combination of fluorine acids, the filing said.

The agreement, signed in 2017, provided ABx with a global license to use the intellectual property to produce aluminum fluoride from bauxite, to be developed through ABx's 83%-owned subsidiary, ALCORE.

ALCORE now uses the aluminum smelter bath waste as the source of fluorine for hydrogen fluoride and aluminum fluoride, per the filing.

As part of the termination of the agreement, ALCORE will sell its laboratory at Berkeley Vale in New South Wales to Core Refining for AU$1.

ABx Group's shares fell 5% in recent trade.

Price (AUD): $0.04, Change: $-0.0020, Percent Change: -4.88%