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Altech Chemicals reports significant advancements in HPA projects during H2 FY2016
Global high purity alumina producer Altech Chemicals presented its operations report for the half-year ended December 31, 2016, on Thursday, March 16. During the period, the company made advancements in a number of key business areas. Commercialisation opportunity was explored for Altech's kaolin (aluminous clay) deposit located at Meckering, Western Australia. The company plans to construct a high purity alumina plant in Johor, Malaysia, that would extract alumina from kaolin, producing 99.99 per cent alumina oxide (Al2O3) - high purity alumina (HPA).
As announced during the period under review, Altech Chemicals said it is attempting to finalise financing for the project debt, the majority of which is aimed to be covered by German government export credit finance (ECA cover).
In August last year, the company announced the appointment of various consultants for conducting due diligence activities and prepare a detailed review of the project. On successfully completing the due diligence, Altech will be able to secure finance for the project.
During the period under review the high purity alumina producer announced a maiden mineral reserve estimate for the Meckering kaolin deposit in addition to an updated mineral resource estimate.
Altech, in support with its stakeholders, also succeeded in raising $10.0 million approximately via the placement of 71.4 million new shares at $0.14 per share in July 2016.
Other notable developments during the half-year period were:
- Positive pre-assessment of Altech's proposed US$60 million application for export credit finance from the German export credit agency
- Receipt of loan indicative terms and conditions from KfW IPEX-Bank, the proposed provider of project finance
- Opening of a new site office for Altech's 100% owned Malaysian subsidiary, Altech Chemicals Sdn Bhd.
- Successful completion of soil survey at the proposed HPA plant site
- Signing of the land lease agreement in Johor, Malaysia as the site for the proposed HPA plant
- Submission of a Mining Proposal and a Mine Closure Plan for the proposed kaolin mine at Meckering, Western Australia
At Meckering, Altech is planning to mine approximately 140,000 tonnes of kaolin once in every three years as feedstock for the proposed HPA plant in Malaysia.Get fresh Aluminium data and insights
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