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Altech Chemicals receives $2 million following shareholder approval

The company is focused on developing a high purity alumina (HPA) plant located in Johor, Malaysia.

Altech Chemicals Ltd - Altech Chemicals receives $2 million following shareholder approval
Plant feed will come from the company’s kaolin project in Western Australia

Altech Chemicals Ltd (ASX:ATC) has received $2 million following the deferred issue of shares to the Melewar Group as part of the $18 million placement earlier in the year.

The delay is due to the company required shareholder approval for the participation of Melewar Group in the recent capital given it is a related party to non-executive director Tunku Yaacob Khyra.

Melewar remains the second-largest holder of company shares with a holding of 9.12%, the largest holder is Deutsch Balaton AG / Dephi, with 15.8%.

World’s first pure-play HPA producer

Altech aims to become one of the world’s leading suppliers of 99.99% (4N) HPA, which will be produced at the proposed HPA plant in Malaysia.

The company aims to feed its HPA plant using its kaolin mine in Western Australia.

Using a spot price of US$40,000 per tonne and annual plant production of 4,500 tonnes, Altech will generate annual revenue of $180 million.

Stage-1 construction complete

In late October 2019, Altech completed stage-1 construction work at its HPA plant site in Johor, Malaysia, on time and budget.

During the stage-1 construction, a total of 207 employees and contractors completed site safety inductions with the maximum site workforce reaching a compliment of 82.

Construction of the substation structure is expected to begin during November 2019 once various off-site fabrication works are complete.

Quick facts: Altech Chemicals Ltd

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ASX:ATC
Market: ASX
Market Cap: $77.24 m
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Full interview: Altech Chemicals progresses HPA plant construction in...

Altech Chemicals Ltd (ASX:ATC) managing director Iggy Tan updates Proactive on HPA plant construction activities at the company’s high purity alumina (HPA) plant site in Johor, Malaysia. The majority of Stage 1 construction is nearly complete, the workshop building and OSD Tank walls have...

on 19/9/19

2 min read