Altech Chemicals Ltd (ASX:ATC) has opened an office in Johor, Malaysia only 300 metres from the site of its proposed high purity alumina (HPA) plant.
Altech has also appointed a Malaysian based project co-ordinator, who together with the contracted engineers, M+W Group, will be based in the new office building during construction of the HPA plant.
Appointment of a site based project co-ordinator will enable the various applications for permits and approvals to be efficiently progressed.
Altech is aiming to become one of the world's leading suppliers of 99.99% HPA through construction and operation of the proposed HPA plant in Malaysia.
Iggy Tan, managing director, commented: “The opening of the company’s Malaysian office is another positive step in advancing development of Altech’s HPA project. Having an office so close to the site of the proposed HPA plant is ideal.”
Project due diligence is nearing completion and no fatal flaws have been identified.
During August, Altech received indicative loan terms and conditions from KfWIPEX Bank for a US$70 million facility, confirming the banks intention to provide the entire project debt amount.
The non-binding facility terms and conditions remain subject to approvals and are being discussed.
Due diligence work is now focussed on addressing outstanding items and finalising draft reports in preparation for submission to project financiers.
Furthermore, HPA off-take discussions with Mitsubishi Corporation are planned for early November in Japan.