Altech receives $1.75 mln balance of proceeds from sale of E70/3923

Altech Chemicals Limited has confirmed the receipt of $1.75 million, being the balance of proceeds from the sale of its Meckering exploration licence E70/3923 to Dana Shipping and Trading S.A. (Dana). The funds will be applied towards finalising the detailed design of the company’s proposed high purity alumina (HPA) plant at Johor, Malaysia and for general working capital purposes.

As announced on 9 May 2016, Altech reached agreement with Dana for the sale of its Meckering exploration licence E70/3923 for $2.0 million cash. A cash deposit of $250,000 was paid on 9 May 2016 and the $1,750,000 balance of sale proceeds has now been received. E70/3923 was surplus to the company’s feedstock requirements for its proposed Malaysian high purity alumina plant.

Feedstock for the plant will be sourced from granted mining lease M70/1334, which contains an estimated ~11 million tonnes of kaolin mineral resources, representing in excess of 250 years of supply for the proposed plant.

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