Annual Report to shareholders
Perth, Nov 1, 2017 AEST (ABN Newswire) - Altech Chemicals Ltd (
ASX:ATC) provides the Company's Annual Report to shareholders.
During the 2016/2017 year Altech continued to work closely with German government-owned KfW IPEX-Bank on debt finance structuring and the satisfaction of independent project due diligence. From August 2016 the Company was subject to an extensive independent due diligence program by KfW IPEXBank's appointed technical, legal, environmental and market expert consultants. The successful due diligence program concluded in August 2017 with no fatal flaws identified in the HPA project.
A Final Investment Decision Study (FIDS) then confirmed the robust financial metrics for the development of a 4,500tpa HPA plant at Johor, Malaysia and kaolin mine at Meckering, Western Australia. The FIDS incorporated up-to-date project assumptions including the final capital cost estimate, which included a fixed-price lump-sum EPC contract value for the construction of the Malaysian HPA plant by a consortium led by German engineering firm and EPC contractor SMS group GmbH (SMS). Based on the positive FIDS results, the Altech board resolved to proceed to the next stage, the ECA application process.
A positive ECA decision will mean Altech attains the US$165 million "offer of cover" for the majority of the project debt and as the bank approvals process will run in parallel, the total target debt amount of US$ 185 million.
Assuming that the ECA debt component is approved around mid-December 2017, the Company will focus on finalising the equity component of funding in the first half of 2018.
To view the full report, please visit:
http://abnnewswire.net/lnk/PE3HQ0O6
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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