News and Announcements
Altech Finalises Kaolin Mining Rights Agreement with Dana
- Published November 02, 2015 5:12PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
30th October 2015, ASX Announcement
Highlights
- Altech grants Dana the exclusive right to mine up to 10Mt of kaolin for a $1m cash payment
- Dana may increase its kaolin mining right to 30Mt by paying an additional $2m
- Altech will also receive a 2% gross sales royalty on all bulk kaolin sales
- Currently kaolin resources at Meckering are estimated at 65Mt
- Altech’s HPA project requires only 4Mt of kaolin for a 100 year project life
Altech Chemicals Limited (Altech/ the Company) (ASX: ATC) advises that it has reached agreement with Dana Shipping and Trading S.A. (Dana) to grant Dana the exclusive right to mine up to 10Mt of kaolin from the Company’s Meckering kaolin deposit. The Meckering Deposit covers approximately 184km2 in area and contains indicated and inferred kaolin mineral resources estimated at 64Mt @ 83.4% brightness JORC (2004).
To read the full announcement, please click here.
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