Australian innovator Altech Chemicals Ltd. updated the market on the progress of its high purity alumina project this week, including several financing projects that are currently underway with investors in Europe and the United States.
Altech’s Managing Director Iggy Tan and other company officials met with their counterparts at Germany’s KfW IPEX-Bank this summer, and the bank confirmed that it is still on board with Altech’s projects after being updated on the progress of its US$144 million green bond offer and its US$100 million project level equity funding initiative. The bank reiterated its support for the US$190 million senior loan facility and advised Altech that the German export credit agency has renewed its US$170 million export credit cover, which is part of the bank’s senior loan facility.
Altech officials also met with SMS group GmbH, who is Altech’s contractor for the construction of the Malaysian HPA plant. SMS also reaffirmed their support for the project. The two firms agreed to extend the long stop date on the project, but SMS said it is nevertheless eager to resume work at the site.
Top brass at Altech also met with London’s Bedford Row Capital Plc and Perth’s Bluemount Capital (WA) Pty Ltd to put the finishing touches on a US$144 million green bond offering. Altech’s officers sat in on several detailed presentations on the subject, with more meetings expected in the near future.
Altech said work continues on securing commitments on a US$100 million project equity investment. American investment bank DelMorgan & Co. has a number of potential investors lined up for that project, and discussions are ongoing.
Altech Chemicals is based in Subiaco, Western Australia and is attempting to implement a marketable process for delivering 99.99% (4N) HPA using conventional equipment at a lower production cost than methods currently available. It plans to construct a 4,500 metric ton per annum HPA plant at Tanjung Langsat Industrial Complex, Johor, Malaysia that will use kaolin clay from a company-owned mine in 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.