The Australian All Ordinaries ticked slightly lower today to close at 5,289 points with a choppy show across the index’s driving economic sectors.
Healthcare and energy stocks performed well, but miners continued to struggle with the materials sector down 1.3% on the session.
This high-purity alumina (HPA) operator, however, managed to attract some attention as it continued to add value ahead of production.
MARKET ACTION
Altech Chemicals (ASX:ATC) shares were trading as much as 15.8% higher today after the company finalised mining rights which could earn the company up to A$3 million in cash plus royalties.
Altech shares closed 5.3% higher at A$0.10, marking a 54% gain over the past three months.
The support comes as the company grants Dana Shipping and Trading an exclusive right for up to 10 million tonnes of kaolin at the Meckering deposit in Western Australia which – along with a proposed plant in Malaysia – represents the company’s flagship project to produce HPA.
Delivery of a mining right to Dana at Meckering secures additional value to Altech shareholders as it provides a cash injection and a 2% gross sales royalty on all bulk kaolin sales from a resource that has potential beyond its planned use as a HPA project feed.
Only 130 kilometres from Fremantle port, Meckering contains 65 million tonnes of kaolin resources expected to provide an abundant, low-cost aluminous clay feedstock for an estimated +100 years mine life.
Altech’s HPA project, however, only requires 4 million tonnes of kaolin for a 100-year project life.
HPA is a high-value, high-margin and highly demanded product as it is the critical ingredient required for the production of sapphire substrates which are used in the manufacture of LED lights as well as the manufacture of alumina semiconductor wafers and the scratch-resistant artificial sapphire glass used by various smartphone manufacturers.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) down 1.9% to $23.02
Fortescue Metals Group (ASX:FMG) down 5% to $2.09
Newcrest (ASX:NCM) down 03.2% to $12.31
Rio Tinto (ASX:RIO) up 1% to $50.65
Energy or Oil and Gas
Oil Search (ASX:OSH) up 4.4% to $7.85
Santos (ASX:STO) down 2.3% to $5.84
Woodside Petroleum (ASX:WPL) up 0.9% to $29.61
Big 4 banks
ANZ Bank (ASX:ANZ) down 3.4% to $27.21
Commonwealth Bank (ASX:CBA) down 0.6% to $76.73
National Australia Bank (ASX:NAB) down 1% to $30.15
Westpac (ASX:WBC) down 1.7% to $31.38
Other banks, financials and industrials
AMP (ASX:AMP) down 1.2% to $5.73
Bank of Queensland (ASX:BOQ) up 0.7% to $13.07
Bendigo and Adelaide Bank (ASX:BEN) down 0.3% to $10.70
Macquarie Group (ASX:MQG) up 2% to $85.70
Suncorp (ASX:SUN) down 0.5% to $13.11
Telstra (ASX:TLS) down 1.8% to $5.40
Retailers
JB Hi-FI (ASX:JBH) down 2.9% to $17.96
Wesfarmers (ASX:WES) down 1.9% to $39.41
Woolworths (ASX:WOW) down 2.4% to $24.11
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