News and Announcements
Altech Receives Green Light from the German Authorities
- Published December 18, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- High Purity Alumina (HPA) receives export coverages support in Germany.
- Altech’s kaolin mine integration in Meckering accounts for 99.99% HPA.
- Altech’s production of HPA signals massive supplies for the lithium-ion and sapphire industry.
Altech Chemicals Limited (ASX: ATC), based in Subiaco, Western Australia, focused on being the global top source of 99.99% (4N) High Purity Alumina (HPA) (Al2O3), has been granted an operations approval from the German authorities. The inter-ministerial committee (IMC) of the German government concluded an affirmative conclusion for Altech’s application for coverage in project finance exports. The involvement of German engineering and equipment suppliers represents up to 60% of the project. The outstanding approval is regarded as a strengthened furthering step in Altech’s expansion in the international scene.
“News of the IMC decision for offer of cover is an outstanding milestone for the Company’s high purity alumina (HPA) project, the culmination of many years of hard work by Altech staff, consultants, EPC contractor SMS group GmbH, KfW IPEX-Bank and many others associated with the project. Complete details of the offer of cover are expected to be received in the coming days and will be announced in due course.” as currently released by Altech’s Managing Director, Iggy Tan.
Altech finalizes its objectives in advancing the alumina production in fully utilising its raw components from the kaolin deposit at Meckering, Western Australia. Upon fulfilment of submission of the HPA project’s investment study since 2016, an estimated US$78.7 million worth of gross capital cost and US$55.7 million net per annum, Alltech secures extensive progression in financing the overall endeavours from directly Meckering to 4500tpa Malaysian HPA processing plant hence the supply implementation worldwide.
About Altech Chemicals Ltd (ASX: ATC & FSE: A3Y)
Altech Chemicals is aiming to become one of the world’s leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3). Altech Chemicals market capitalisation increased four-fold since July 2015 following the release of its Bankable Feasibility Study (BFS) for construction of a 4,000tpa HPA plant at Johor, Malaysia. The project has an NPV of US$357 million (9% discount) and capital costs of a meagre US$79 million. Altech Chemicals is in the funding stage with German KfW IPEX-Bank.
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