Altech Chemicals Ltd (ASX:ATC) Full Year Statutory Accounts

Perth, Australia, Sep 19, 2020 - (ABN Newswire) - The principal activities of Altech Chemicals Ltd (ASX:ATC) (HAM:A3Y) during the financial year were, the continuation of early works construction activities (stage 1 and stage 2) at its high purity alumina (HPA) plant site in Malaysia, and the continuation of efforts to finalise total project financing for the balance of construction of the HPA plant and the kaolin (aluminous clay) mine at Meckering, Western Australia, which will provide feedstock for the plant.

During the year the Group acquired a 29% equity interest in Frankfurt Stock Exchange listed Youbisheng Green Paper AG, which was subsequently re-named Altech Advanced Materials AG (AAM AG). The Group also incorporated a wholly owned Germany subsidiary (Altech Industries Germany Gmbh) for the purpose of securing an option to purchase an industrial site in Germany, which could be a location for a second HPA plant. An exploration drilling program was also completed during the year at the Group's Kerrigan kaolin exploration project in Western Australia.

To view the Financial Report, please visit:
https://abnnewswire.net/lnk/9J2128E4

About Altech Chemicals Ltd:

Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3).

HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. There is no substitute for HPA in the manufacture of synthetic sapphire.

Global HPA demand is approximately 25,315tpa (2016) and demand is growing at a compound annual growth rate (CAGR) of 16.7% (2016-2024), primarily driven by the growth in worldwide adoption of LEDs. As an energy efficient, longer lasting and lower operating cost form of lighting, LED lighting is replacing the traditional incandescent bulbs.

Contact:

Corporate
Iggy Tan
Managing Director
Altech Chemicals Limited
Tel: [phone]
Email: [e-mail]

Shane Volk
Company Secretary
Altech Chemicals Limited
Tel: [phone]
Email: [e-mail]

Investor Relations (Europe)
Kai Hoffmann
Soar Financial Partners
Tel: [phone]
Email: [e-mail]

Copyright (C) 2020 ABN Newswire. All rights reserved., source Press Releases English