Altech Secures Settlement for Mining Lease at Meckering
Perth, May 6, 2016 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) is pleased to announce that it has executed a settlement and option to purchase agreement for the freehold land that completely encompasses its mining lease application M70/1334 at Meckering, Western Australia. As reported previously, the landowners had objected to the application for grant of the mining lease and the objection was before the Warden's Court (WA). Concurrently, the Company continued to negotiate a settlement with the landowners and a final settlement has now been reached.
The parties have agreed to settle for an undisclosed amount and on the terms and conditions contained below:
- Landowners will dismiss the objection to the grant of M70/1334
- Altech will proceed with the grant of the mining lease
- Landowners have granted Altech an option to purchase 94 hectares of land which includes the area subject to M70/1334
- Option period of 18 months to purchase the land
- Mining operations may commence only after the purchase the land at the agreed price
M70/1334 is estimated to contain ~11 million tonnes of kaolin mineral resources, which will be sufficient to supply feedstock for Altech's proposed Malaysia HPA plant for in excess of 250 years.
Altech managing director, Mr Iggy Tan said "the Company is delighted to have reached agreement with the landowners for the freehold land purchase at Meckering. The grant of M70/1334 can now proceed without objection, following which the Company will submit a Mining Proposal (MP) and a Mine Closure Plan (MCP), and upon approval of these items (and subject to funding) mining operations at Meckering will be ready to commence.
"This is yet another significant milestone achieved in the march to develop the Company's high purity alumina project", Mr Tan concluded.
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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