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30 JULY 2020 AL CIRCLE

Altech announces quarterly reports ended June 2020: Cash flow from operating activities down at A$939 year-to-date

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Altech Chemicals Limited has released its quarterly reports ended June 2020 mentioning the recommencement of its high purity alumina site in Johor Bahru, Malaysia on June 3, 2020, following the lifting of the Malaysian government COVID-19 pandemic Movement Control Order (MCO).

Altech announces quarterly reports ended June 2020: Cash flow from operating activities down at A$939 year-to-date

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The quarterly reports have also made a note of the completion of remaining Stage-2 construction work, which included the finishing work of electrical substation consisted of internal fit-out, drainage, sewage, and landscaping, at Altech’s high purity alumina (HPA) plant site in Johor. This marks the completion of all works included in the Stage 2 construction scope by the appointed EPC contractor Metix.

A formal handover inspection of the substation was conducted towards the end of June 2020 and the small number of identified punch list items was all rectified by June 30, 2020.

The Company's high purity alumina (HPA) project was formally assessed as “green” by the independent Centre of International Climate and Environmental Research (CICERO) based in Oslo, Norway during the quarter. Hence, the project can now be considered by investors that participate in the green bond market, the size of which is approaching US$250 billion annually and a large portion of which is present in Europe.

During the quarter, Altech also provided the results from high purity alumina (HPA) research activities completed by the internationally renowned Fraunhofer-Gesellschaft research organisation. The research activities focused on assessing how readily impurities filter from lower quality alumina and boehmite into battery electrolyte solution.

Energy Consumption in Aluminium Smelting

During July, Altech announced that it executed an option to purchase agreement for a ~10 hectare industrial site within the Schwarz Pumpe Industrial Park, municipality of Spreetal, Saxony. The purchase price for the site was confidential, but on a per-hectare basis the price was considerably less than comparable brown-fields industrial sites in Malaysia or Western Australia.

According to the reports, Altech’s cash flow from operating activities was A$939 versus A$4192 year to date. Cash flow from financing activities was slightly better at A$1028, but down year to date from A$5174.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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