Altech Official Ground Breaking Ceremony At Johor Hpa Site

ID: 1539630
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(businesspress24) - Altech Official Ground Breaking Ceremony At Johor Hpa Site

Highlights

- Ground breaking ceremony at Malaysian HPA plant site marks important milestone
- Australian and German High Commissioners to Malaysia unveil official opening plaque
- Ceremony attended by global partners from Malaysia, Germany, Japan and Australia
- Initial stage 1 construction works commencing

Altech Chemicals Limited (Altech/the Company) (ASX: ATC) (FRA: A3Y) is pleased to announce the completion of an official ground breaking ceremony marking the commencement of stage 1 construction of its proposed high purity alumina (HPA) plant in Johor, Malaysia.


The ceremony was held on 8 August 2018 at the Companys Tanjung Langsat HPA plant site and was attended by a range of dignitaries, project stakeholders and Altechs full board of directors and staff. Dignitaries included the Australian High Commissioner to Malaysia, Hon. Mr Andrew Goledzinowski; the German Ambassador to Malaysia, Hon. Mr Nikolaus Graf Lambsdorf; the Australian Trade Commissioner to Malaysia, Ms Kelly Matthews and the head of the Malaysia/German chamber of commerce Mr Daniel Bernbeck. Stakeholders representatives included executives from KfW IPEX-Bank (senior lender), Euler Hermes (German government export credit agency), SMS group (EPC contractor) and Mitsubishi Corporation (sales off-take partner); representatives from Johor Corporation, the Malaysian Investment Development Authority (MIDA), and key local service providers and suppliers.
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HPA plant site - Tanjung Langsat, Malaysia
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Opening address by Altech managing director Mr Iggy Tan

In his opening address, Altech managing director Mr Iggy Tan thanked the Altech board for its unwavering support for the project and its leadership, both of which have been instrumental in enabling the Companys HPA project to advance to the significant ground breaking milestone. Mr Tan also thanked Altechs management and staff, attributing the projects success to date to the team based culture within the Company. The success of any organisation is largely due to the workplace culture - within Altech we have fostered a team orientated, dynamic and compassionate culture, he said.



Mr Tan noted the remarkable achievements of the Company over the last four years, During a period of slightly less than four years the Company has completed a definitive feasibility study and a final investment decision study for its HPA project; developed and finalised a kaolin to HPA process design; concluded laboratory pilot plant test-work; finalised JORC compliant kaolin resource and reserve estimations; secured and acquired the site for its HPA plant and kaolin mining operation; concluded environmental and development approvals in both Australia and Malaysia; executed a 10 year HPA off-take arrangement; negotiated a US$280m fixed-price lump- sum turn-key EPC contract for a 4,500tpa HPA plant; secured senior project finance of US$190m from German Government owned KfW IPEX-Bank and is concluding US$150m of additional project finance initiatives. Many projects struggle to be funded and few projects achieve this kind of developmental success is such a short time fame. None of this would have been possible without the dedication and focus the team consisting of board members, management, staff, shareholders and all stakeholders, Mr Tan said.

Mr Tan thanked Altechs global partners including Mitsubishi Corporation, KfW IPEX-Bank, Euler Hermes, the German Government and and SMS group. He made special mention of the support of major shareholders including the Melewar group headed by Prince Yaccob Khyra and the SMS group.
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Altechs board of directors, dignitaries and global partner representatives at the conclusion of the ground breaking ceremony

In his address to attendees, the Australian High Commissioner to Malaysia, Hon. Mr Andrew Goledzinowski congratulated the Company on its achievements to date and acknowledged the bringing together of Australia, Malaysia, Germany and Japan because of the project. He said that Altechs HPA project is an example of the calibre of high technology investment that Malaysia in encouraging and promoting.

Altech non-executive chairman Mr Luke Atkins said the Company is very proud to have reached this important milestone of commencing the construction of its HPA plant. This is a real testament to the Board and management team and staff of the Company who has been dedicated and purely focussed. Mr Atkins also acknowledged the vision, dedication and drive of managing director, Mr Iggy Tan who has been instrumental in bringing the project to fruition.

http://www.irw-press.at/prcom/images/messages/2018/44253/Ann ATC ASX Altech Ground Break Ceremony at Johor HPA Project 10 Aug 18PRcom.004.jpeg


Ground breaking shovels
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Ground breaking - Altech Chairman and key stakeholders
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Australian and German High Commissioners to Malaysia
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Tunku (Prince) Yaccob Khyra addressing the opening
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Mr Iggy Tan with German and Australian High Commissioners
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HPA plant site

A video of the ground breaking ceremony is available for viewing via the following link:
https://www.youtube.com/watch?v=LtaY_Xo1w_4

Stage 1 construction will now begin at the site and will consist of an initial eight (8) week geotechnical drilling and ground survey program. The objective of the program is to confirm ground conditions and optimise proposed foundation piling. The stage 1 work package of ~A$10m was executed with SMS group in July 2018 and is being funded by Altech from its recently completed share placement and share purchase plan.

For more information, please contact:

Corporate
Iggy Tan Managing Director
Altech Chemicals Limited
Tel: +61 8 6168 1555
Email: info(at)altechchemicals.com

Shane Volk Company Secretary
Altech Chemicals Limited
Tel: +61 8 6168 1555
Email: info(at)altechchemicals.com

Investor Relations (Europe) Kai Hoffmann
Soar Financial Partners
Tel: +49 69 175 548320
Email: hoffmann(at)soarfinancial.com
Wir sprechen Deutsch.

Forward-looking Statements

This announcement contains forward-looking statements which are identified by words such as anticipates, forecasts, may, will, could, believes,
estimates, targets, expects, plan or intends and other similar words that involve risks and uncertainties. Indications of, and guidelines or outlook on, future earnings, distributions or financial position or performance and targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources are also forward-looking statements. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and estimates regarding future events and actions that, while considered reasonable as at the date of this announcement and are expected to take place, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward- looking statements contained in this announcement will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to various risk factors that could cause actual events or results to differ materially from th e events or results estimated, expressed or anticipated in these statements.



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Date: 08/10/2018 - 07:02
Language: English
News-ID 1539630
Character count: 5191
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