Australia’s Altech Chemicals Ltd announced an update on the due diligence activities surrounding funding of its high-purity alumina (HPA) project.
According to the update, the independent reviews and pilot plant test work associated with the project are approaching completion. The firm has been working with German KfW IPEX-Bank on structuring financing for the project.
Altech elaborated upon the due diligence being carried out by detailing visits to sites in the Western Australia cities of Meckering, Fremantle, and Perth, as well as to a site in Johor, Malaysia in August of last year. According to the company, no major flaws were uncovered in the initial reviews at those sites.
Pilot plant confirmatory test work programs and detailed audits were requested, however. Altech says such test work are now in progress.
“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,” explained Altech’s managing director Iggy Tan.
Altech Chemicals is based in Subiaco, Western Australia and is attempting to develop a marketable process for delivering 99.99% (4N) HPA. It plans to construct a 4,000 metric ton per annum HPA plant at Tanjung Langsat Industrial Complex, Johor, Malaysia. The plant is expected to be fueled by the company’s kaolin deposit at Meckering, Western Australia. The firm is fast-tracking HPA production due to an agreement with Mitsubishi for 100% of its proposed HPA production for ten years.