Half Year Accounts
Perth, Mar 13, 2015 AEST (ABN Newswire) - During the half-year ended 31 December 2014, Altech Chemicals Ltd (
ASX:ATC) focused on its goal of becoming a leading supplier of 99.99% (4N) high purity alumina (HPA), key developments during the half-year included:
- Mr Iggy Tan was appointed of as managing director, effective 25 August 2014. Iggy is a highly experienced and effective executive with over 30 years in the chemicals and mining industries, specialising in project development, chemical plant operations, and management. His leadership, vision, experience and expertise will be invaluable for the Company as it moves through project evaluation, construction and ultimately to HPA production.
- a bankable feasibility study (BFS) commenced to evaluate the commercial and technical viability of constructing and operating a HPA production plant, with feed stock to come from the Company's aluminous clay (kaolin) deposit at Meckering, Western Australia. When initially announced the BFS was to consider a 3,000 tonne per annum HPA plant, this was later upgraded to 4,000 tonnes per annum. Johor Bahru, Malaysia announced as the preferred location for the plant following an extensive evaluations process. The BFS is targeted for completion in Q3-2015 and at the date of this report is progressing as planned.
- following approval from shareholders at the Company's 2014 annual general meeting, the name of the Company was changed from Australia Minerals and Mining Group Ltd to Altech Chemicals Ltd, effective 12 November 2014. The ASX code for the Company's shares has consequently changed to "ATC".
- Mr Shane Volk was appointed as chief financial officer (CFO) and company secretary, effective 12 November 2014. Mr Volk has significant international mining industry experience and is a key addition to the Company's management team.
- a 1:4 pro-rata, non-renounceable entitlement offer at $0.10 per new share with one free attaching listed option for each new share subscribed (exercise price $0.10, expiry 15 December 2015) was announced on 24 November 2014. The offer closed on 19 December 2014 and raised approximately $402,000 before costs, the funds raised will be applied to the BFS.
During the half year the Company continued to rationalise its exploration mineral tenement holdings as it consolidated its focus on the HPA project. Of note was the finalisation of a Farm-In and Joint Venture Agreement with Midas Engineering Group Pty Ltd (Midas) for the Company's South West Titanium Project (formerly called the Glenarty Project). Under the terms of the agreement, Midas has the right to earn an initial 20% interest following the completion of a feasibility study (to be sole funded by Midas), and a further 30% interest on the completion and verification of a preliminary feasibility study, also to be sole funded by Midas.
RESULTS OF OPERATIONS
The operating profit after income tax of the Company for the half-year ended 31 December 2014 was $70,131 (2013: loss $524,985). The Company's basic profit per share for the period was 0.001 cents (2013: loss of 0.49 cents). No dividend has been paid during or is recommended for the financial period ended 31 December 2014.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ATC-712822.pdf
About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
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