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Altech Chemicals Ltd

Altech Chemicals Limited is aiming to become one of the world's leading producers of 99.99% high purity alumina through the construction and operation of a 4,000tpa HPA manufacturing plant in Malaysia.

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Altech Chemicals (ASX: ATC, “Altech”) has recently updated its Bankable Feasibility Study (“BFS”) as a result of ongoing optimisation activities on its proposed High Purity Alumina (“HPA”) specialty chemicals operation, and is now concentrating on permitting and sourcing funding for the estimated A$100 million capital required to develop the project.

Financing activities have been considerably advanced with the signing of agreements with the KfW IPEX-Bank (“KfW”) and Euler Hermes (German Export Credit Agency “ECA”); and the signing of a 10 year offtake agreement with Mitsubishi Australia Limited (“Mitsubishi”).

We continue to rate Altech as a SPECULATIVE BUY, with a revised midpoint indicative price target of $0.50/share, equating to a company valuation of $89 million. Our view is that the key share price catalyst will be securing funding for the development of the project.

Altech is an ASX-listed mineral and chemical processing company focused on the development of an HPA production operation, to enter into what is forecast as a rapidly growing market driven largely by the increased demand for HPA products from LED lighting and computer chip manufacturers and sapphire glass from electronics industries.

Altech owns significant aluminous clay resources in Western Australia, which it has demonstrated represents a suitable high quality, low impurity feedstock for the proposed HPA production process. Plans are to mine the clay at Altech’s 100% owned Meckering deposit, some 130km east of Perth, and then ship the material for beneficiation and processing at the proposed HPA production plant at the Tanjung Langsat Industrial Complex (“TLIC”) in Johor, southern Malaysia.

Altech has made significant progress on the development of its proposed HPA operation since our August 2015 update note.

Considerable advances have been made in financing, including the signing of the offtake agreement with Mitsubishi, and agreements with KfW and Euler Hermes.

Key technical activities have included updating of the DFS, commencement of grade estimation drilling at Meckering and the decision to site the kaolin beneficiation plant in Malaysia. 

On the fund raising side, the Company has raised $2.2 million via placements and an additional $744,000 from a SPP since our last update... 

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