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Altech Chemicals shares rise as project financing is advanced

A German regulatory body has provided support for the producer of high purity alumina.
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Shares have rallied more than 20% in this morning's trading session

Altech Chemicals Ltd (ASX:ATC) (FRA:A3Y) has been advised by the German government inter-ministerial committee (IMC) that it has reached a positive decision on its application for project finance export credit cover.

Altech has welcomed the decision as it strives to meet its goal of becoming one of the world’s leading suppliers of high purity alumina.

Investors have been equally impressed with Altech trading as high as $0.265 in mid-morning trading, up from the previous day’s close of $0.215, an increase of more than 20%.

READ: Altech Chemicals attracts US$11M funding for Malaysian alumina project

Tan highlights IMC decision as outstanding milestone for the company

Iggy Tan, Altech managing director, said: “News of the IMC decision for offer of cover is an outstanding milestone for the company’s high purity alumina (HPA) project.

“It is 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. 

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