News and Announcements
Altech Creates Mining Proposal Along with Closing their Mine Plan for Meckering, Western Australia
- Published January 09, 2017 11:36AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
2nd December 2016, ASX Announcement
Altech Chemicals Limited is proud to announce further to its announcement back in May 2016 that the grant on mining lease at Meckering, Western Australia. Altech has now submitted a mining proposal (MP) and mine closure plan (MCP) to the Department of Mines and Petroleum (DMP). This inquest marks the next phase of development for the Company’s proposed Meckering kaolin mine, which will provide feedstock for its proposed Malaysian high purity alumina (HPA) plant.
Altech Chemicals Limited is aiming to become one of the world’s leading suppliers of 99.99% HPA. HPA is a high-value, high margin and highly demanded product as it is a crucial component required for the production of artificial sapphire. This type of product is used for the manufacturing of and for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant artificial sapphire glass which is used for wristwatch faces, optical windows and the ever-growing consumption for smartphone components. There is no substitute for this product, being HPA.
Global HPA demand is approximately 25,315pa (2016) with the demand growing at an annual rate of 16.7% (2016-2017), this growth is driven by the growth of the worldwide adoption of LEDs. As LED products are energy efficient, longer lasting and lower operating cost form of lighting, LED lighting is essentially replacing old traditional methods.
Altech managing director Mr Iggy Tan said, “The Company is delighted to have rapidly progressed to the next stage of development at Meckering, with the submission of a mining proposal and an associated mine closure plan in preparation for mine development in 2017. “The submission marks another important step in the development of the Company’s HPA project”, Mr Tan concluded.
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