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Altech Chemicals remains busy progressing high purity alumina project

Altech has been working exclusively with German KfW IPEX-Bank.

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Altech has updated on due diligence activities

Altech Chemicals (ASX:ATC) has updated on due diligence activities associated with the financing of its proposed high purity alumina (HPA) project.

The company said that the various independent reviews and associated confirmatory pilot plant test work are now well advanced and nearing completion.

Altech has been working exclusively with German KfW IPEX-Bank on project finance structuring.

The company is currently targeting US$70 million of project debt; the majority of which is aimed to be subject to German export credit cover (ECA), typically offered at attractive interest rates and terms; the remainder is expected to be available on normal commercial loan terms.


Progress

The due diligence consultants completed site visits to Meckering, Fremantle and Perth, Western Australia and to Johor, Malaysia in early August 2016 and their respective initial reviews did not identify any major flaws in the HPA project.

However various pilot plant confirmatory test work programs were requested and detailed audits initiated accordingly.

Altech said that the test work programs and audits are now well advanced.

Iggy Tan, managing director for Altech, commented:

"The last five months have been extremely busy for the company as we worked with the various due diligence consultants to complete confirmatory pilot plant test work and respond to a large number of detailed information requests."

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ASX:ATC
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