Altech receives $1.75 million balance of sales proceeds
Perth, May 26, 2016 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) is pleased to confirm 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 HPA 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.
About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
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