logo-loader

Altech Chemicals Ltd and Dana legal action now discontinued

Published: 13:30 17 May 2016 AEST

au_australiaorange350_573a70843ff28

Altech Chemicals Ltd (ASX:ATC) has confirmed that a minute of consent order has been filed in the Supreme Court of Western Australia, consenting to the discontinuation of legal proceedings between Dana Shipping and Trading S.A. (Dana) and Altech.

The filing of the minute brings to an end the dispute between Dana and the company.

As announced on 9 May 2016, Dana has agreed that it will purchase exploration licence E70/3923 from the company (excluding mining lease application M70/1334, 100% owned by Altech) at Meckering, Western Australia for $2.0 million.

Dana has paid a $250,000 non-refundable deposit to Altech and it will pay the balance of the consideration to Altech within 5 business days of the grant of mining lease M70/1334.


M70/1334

Mining lease application M70/1334 covers an area of ~85 hectares and sits within the boundaries of the 94 hectare block of freehold farming land that the company has an option to acquire.

Access to the lease is via a maintained gazetted public road which links directly to the Great Eastern Highway that runs east from Perth to Kalgoorlie.

The lease area contains an estimated ~11 million tonnes of kaolin mineral resources, representing in excess of 250 years of feedstock for the company’s proposed 4,000tpa high purity alumina (HPA) plant at Johor, Malaysia.

In April 2016, the company completed a grade control drilling program at Meckering to assist in planning its future kaolin mining operations, the drilling program was confined to within the area of M70/1334.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Altech Batteries boosts CERENERGY output to 120 MW/h per year

Altech Batteries Ltd (ASX:ATC) CFO Martin Stein speaks with Proactive after the company released an updated definitive feasibility study (DFS) demonstrating increased output of 20% for the CERENERGY® battery manufacturing project, from 100 megawatt hours (MW/h) to 120 MW/h per year. Lead...

on 7/11/23