Appointment of Chief Financial Officer
Mr Stein will replace Mr Shane Volk in the role as CFO. Mr Volk recently advised the Company of his decision to relinquish the CFO position at Altech in order to commence as the inaugural chief executive officer of a junior exploration company seeking to list on the ASX. Mr Volk will remain as the company secretary of Altech, which in addition to providing continuity for this position will assist with the transition of his CFO duties to Mr Stein.
Martin Stein has held the position of chief financial officer and company secretary for several ASX listed companies, including most recently Golden Deeps Limited, Metals Australia Limited and Sabre Resources Limited. In these roles, Mr Stein has been responsible for all aspects of capital raising, financial management, shareholder liaison and corporate governance. Prior to this, Mr Stein held senior positions with both Anvil Mining Limited as well as with PricewaterhouseCoopers at its London office. Martin holds a Bachelor of Business, is a qualified Chartered Accountant (CA) and a Chartered Secretary.
Altech managing director, Iggy Tan said that "I would like to welcome Martin Stein as the Company's new chief financial officer. Martin's diverse and broad finance and governance experience across a number of ASX listed companies operating in various global environments is extremely well suited to Altech's needs.
I'd like to thank Mr Volk for his 7 years of service as the Company's chief financial officer and company secretary. Both I and the other members of the Altech board offer Shane our best wishes for his new venture. However, in agreeing to continue with Altech as company secretary, both the Company and Martin will benefit from the continuation of his service in that role."
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 (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia. Feedstock for the plant will be sourced from the Company's 100%-owned kaolin deposit at Meckering, Western Australia and shipped to Malaysia.
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. Increasingly HPA is used by lithium-ion battery manufacturers as the coating on the battery's separator, which improves performance, longevity and safety of the battery. With global HPA demand approximately 19,000t (2018), it is estimated that this demand will grow at a compound annual growth rate (CAGR) of 30% (2018-2028); by 2028 HPA market demand will be approximately 272,000t, driven by the increasing adoption of LEDs worldwide as well as the demand for HPA by lithium-ion battery manufacturers to serve the surging electric vehicle market.
Altech Chemicals Ltd