News and Announcements
Altech Chemicals HPA Project Finance Due Diligence Near Completion
- Published May 31, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals Limited (ASX:ATC) is pleased to provide a further update on due diligence activities associated with the financing of it proposed high purity alumina (HPA) project.
KEY TAKEAWAYS:
- Project finance due diligence activities nearing completion
- Independent due diligence has been extensive and detailed
- No fatal flaws identified
Project due diligence activities are now in their final stages with the extensive confirmatory test work and necessary adjustments in the design work of the plant finalised. Test work has principally focused on impurity management and equipment materials of construction to substantially reduce the risk that finished-product HPA will not achieve the requisite 99.99% (4N) quality specification. The program has provided robust independent verification of the Company’s plant design, equipment selection and HPA manufacturing process.
Commenting on the status of Project due diligence activities, Altech managing director Iggy Tan said “Whilst due diligence work has taken longer than initially anticipated, it is reassuring that all of the requested test work has been completed to the satisfaction of the various independent consultants.
“The conclusion of the due diligence process is now in sight, and while there is no certainty that the cover or the project debt finance will be approved, the Company remains confident that its application for project finance export credit will be successful”, he concluded.
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