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Altech Chemicals - $12m of Grant Support from Saxony State Government

Altech Chemicals Limited (Altech/the Company) (ASX: ATC) (FRA: A3Y) is pleased to announce that it has received a commitment letter from State Ministry for Economic, Labour and Transport, Saxony, Germany for a grant of €7,380,000 (~A$12.2 million). The grant would be available to Altech to support a total investment for construction of a high purity alumina (HPA) plant at the Schwarze Pumpe Industrial Park, Spreetal municipality in the State of Saxony, Germany.

The grant offer follows the July 2020 signing of an option to purchase agreement by Altech’s wholly owned German subsidiary Altech Industries Germany Gmbh, for a ~10 hectare industrial site in the Schwarze Pumpe Industrial Park, Saxony (refer ASX announcement 14 July 2020) and a recent joint site visit to the industrial park by Altech alternate director Mr Uwe Ahrens accompanied by various Altech consultants, Saxony State Government officials, Spreetal Municipality officials, and Industrial Park senior management (see figure 1 below). The site visit also marked the commencement of a detailed due diligence and feasibility study process by Altech, to determine the viability of a second HPA plant in Germany.

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