News and Announcements
Altech – Extension of Exercise Date, Bulk Kaolin Option
- Published October 02, 2015 2:32PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
1st October 2015, ASX Announcement
Highlights:
- Exercise date for option to mine 10Mt of bulk kaolin extended to 15 October 2015
- Bulk kaolin scoping study completed
Altech Chemicals Limited (Altech/the Company) (ASX: ATC) advises shareholders that it has reached agreement with Dana Shipping and Trading S.A. (Dana), to extend the date by which Dana can elect to exercise its exclusive option to mine up to 10Mt of bulk kaolin from the Company’s Meckering kaolin deposit (Meckering Deposit) from 30 September 2015 to 15 October 2015.
Background
On 4 March 2015, the Company announced that it had reached agreement with Dana to fund a scoping study to assess the commercial viability of mining and processing bulk kaolin from the Meckering Deposit. Bulk kaolin is predominantly used in ceramic,s paper, rubber and paint industries. The cost of the study was estimated at $100,000 and Dana has advised the Company that the Scoping Study has now been completed.
To read the full announcement, please click here.
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