Failed pearl farmer Atlantic has vowed to turn a new leaf as a bauxite miner under a strategy revealed by managing director and former Fortescue Metals Group executive Michael Minosora.

Less than a month after his shock resignation from Fortescue to take up the Atlantic post, Mr Minosora yesterday made his first public comments on his new role and said he wanted the explorer to "focus its resources on its highly prospective" Bao Loc project in southern Vietnam.

Atlantic holds an exploration permit in Vietnam's Lam Dong province which, it claims, contains 500 million tonnes of bauxite.

Atlantic wants to develop a mine at the site, touting the reserve as high grade and at a competitive advantage to Australian bauxite producers because of its proximity to Asian customers.

Mr Minosora said it was premature to forecast the cost and timeframe of developing the project but Atlantic was already in discussions with potential investors.

The Bao Loc proposal marks a major departure from Atlantic's failed role as a pearl farmer and its board will seek shareholder approval for the new "strategic direction" at a general meeting in February. The meeting will also discuss the board's plans for a share consolidation.

Atlantic shares were 3.9¢ before being placed in a trading halt.