News and Announcements
Altech Sells Exploration Licence for $2.0 Million Cash
- Published May 10, 2016 11:42AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
9th May 2016, ASX Announcement
Highlights:
- Sale of surplus exploration license for $2 million
- Dispute over termination of Kaolin Mining Rights Deed with Dana settled
- Altech retains ownership of mining lease application M70/1334 for its Malaysian HPA project
- Imminent grant of M70/1334
Altech Chemicals Limited (Altech/the Company) (ASX: ATC) is pleased to announce that it has executed an agreement with Dana Shipping and Trading S.A. (Dana) for the sale of exploration license E70/3923 (excluding mining lease application M70/1334, owned by Altech) at Meckering, Western Australia for $2.0 million.
The exploration licence is surplus to Altech’s feedstock requirements for its proposed Malaysian high purity alumina (HPA) plant. Feedstock for the plant will be sources from within M70/1334 which contains estimated ~11 million tonnes of kaolin mineral resources, representing in excess of 250 years of supply for the HPA plant.
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