News and Announcements
Altech Chemicals Targets Fixed Price Contract for HPA Plant Construction
- Published February 22, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals Limited is pleased to advise that it has reached an agreement with its engineering, procurement and construction (EPC) contractor M+W Group on a framework for a fixed price for the construction of the Company’s proposed Malaysian high purity alumina (HPA) plant.
KEY TAKEAWAYS:
- Fixed price contract framework agreed for HPA plant.
- Warranty, performance and completion guarantees.
- Liquidated damages for late completion and bonus for early delivery of plant.
- Significantly de-risks project for shareholders and debt providers.
- Detailed engineering ongoing to determine final fixed contract price.
Detailed engineering has been ongoing since mid-2016 with the work anticipated to be completed during Q2 2017, which will enable the Company to submit its application for German government-backed export credit finance and the total debt package.
Commenting on the fixed price contract, Altech managing director Iggy Tan said, “Reaching conceptual agreement with M+W Group on a fixed price construction contract is a significant de-risking accomplishment for Altech shareholders. The fixed price contract also delivers to debt providers a high level of comfort in terms of total project costs, potential cost overruns and completion delays. This is a great outcome and achievement for the Company”, he said.
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