Altech Chemicals reports to be in good shape with renewal of EPC contract and finances

Altech Chemicals Limited, one of the world’s leading suppliers of 99 per cent (4N) high purity alumina (HPA), has reported the updates on its Malaysian high purity alumina (HPA) project, highlighting KfW IPEX-Bank continues to render full support to the project and German government export credit agency Euler Hermes extends US$170 million loan cover.

Other highlights include EPC contractor SMS group renews support to the HPA project and Altech is still working with Perth-based markets group Bluemount Capital to secure the USD$144million green bond offer. Altech has also apprised that project level equity funding is being advanced by the US based DelMorgan and Managing Director Iggy Tan, accompanied by executive management, has completed a visit to Europe.

During the visit, Iggy Tan met the German government-owned KfW IPEX-Bank and briefed on the status of Altech’s secondary project finance initiatives – a US$144 million green bond offer and US$100 million project level equity funding initiative.

Both KfW IPEX-Bank and export credit agency Euler Hermes acknowledged the project finance close despite disruptions due to the COVID-19 pandemic in the last two years and the current market uncertainty exacerbated by the Ukraine crisis in Europe.

Iggy Tan also met Altech’s strategic engineering partner and metallurgical consultant SMS group GmbH during his visit. Like KfW IPEX-Bank and Euler Hermes, SMS group also renewed its support to the HPA project and would be re-starting the work on site.

In Malaysia, the HPA plant, located within the Tanjung Langsat Industrial Complex, is in sound condition as regular site maintenance work is undertaken and permanent site security is in place.