Altech Chemicals Ltd (ASX:ATC) advises that it has received notice of a legal challenge to its termination of the Mining Rights Deed with Dana Shipping and Trading S.A. (Dana), as announced on 9 March 2016.
Altech said that it intends to defend its position, as under the terms of the deed if the First Condition had not been satisfied by the First End Date, being 28 January 2016, then either party had the right of termination by notice to the other.
As the First Condition has not yet been satisfied, Altech elected to terminate the Mining Rights Deed to focus solely on its high purity alumina (HPA) project.
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