Annual Report and Financial Statements 2015
Perth, Sep 2, 2015 AEST (ABN Newswire) - Altech Chemicals Ltd (
ASX:ATC) are pleased to provide its Annual Report and Financial Statements for 2015, to view the full report, please visit the link below.
Chairman's Letter
Dear fellow shareholders,
The past financial year has been one of tremendous activity and achievement for our Company.
Mr. Iggy Tan, a highly experienced chemical engineer and project developer was appointed as Managing Director in August 2014, his leadership and experience has been pivotal as the Company evolved during the year to focus on assessing the opportunity to commercialise its aluminous clay deposits at Meckering, Western Australia, for the production of high purity alumina (HPA).
In November 2014 the Company's name was changed to Altech Chemicals Limited to better reflect the Company's focus on HPA, and later that month experienced Chief Financial Officer and Company Secretary, Mr Shane Volk joined the Company.
Many shareholders supported the first capital raising by the Company since listing on the Australian Securities Exchange (2011), in December 2014, with a 1:4 entitlement offer at $0.10, including a free attaching option (Ex. $0.10, Expiry 15 December 2015.
Importantly, the year culminated with the publication of a positive Bankable Feasibility Study (BFS) for the Company's exciting high purity alumina (HPA) project - the construction of a HPA plant at Tanjung Langsat, Malaysia, with feedstock sourced from the Company's kaolin deposits at Meckering, Western Australia.
The BFS was delivered well ahead of schedule and the key financial metrics are compelling - a project net present value of US$326 million (applying a 10% discount rate), an internal rate of return of 30.3% on a capital investment of US$76.9 million and annual EBITDA of US$59.4 million at full production. A comprehensive summary of the BFS results are set out in this Annual Report and I encourage all shareholders to take the time to read through them.
Shortly after the announcement of the BFS, the Board was most pleased to welcome Malaysian group Melewar International Investment Company Limited (Melewar IIC) as a shareholder, with its $1.0 million subscription of Company shares. This investment is a strong endorsement of the BFS and the Board have invited Melewa IIC to nominate a non-executive director to join it, their input will provide the Company with invaluable insight into the operating and business environment in Malaysia, as we transition the Company to project development.
The year ahead promises to be equally as busy as the year past, with Iggy and his team clearly focussed on securing the requisite equity and debt financing to advance the Company's HPA project to detailed design and construction.
I look forward with anticipation to an exciting and rewarding year.
Yours sincerely
Luke Atkins
Chairman
Altech Chemicals Limited
To view the Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ATC-732335.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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