(MENAFN- ABN Newswire) Perth, Dec 15, 2017 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) () () is pleased to announce that it has been advised that the German government inter-ministerial committee (IMC) has reached a positive decision on its application for project finance export credit cover.
Altech managing director Iggy Tan, commenting on the German government decision said "news of the IMC decision for offer of cover is an outstanding milestone for the Company's high purity alumina (HPA) project, the culmination of many years of hard work by Altech staff, consultants, EPC contractor SMS group GmbH, KfW IPEX-Bank and many others associated with the project".
"Complete details of the offer of cover are expected to be received in the coming days and will be announced in due course." Mr Tan concluded.
About Altech Chemicals Ltd
() () is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3).
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. There is no substitute for HPA in the manufacture of synthetic sapphire.
Global HPA demand is approximately 25,315tpa (2016) and demand is growing at a compound annual growth rate (CAGR) of 16.7% (2016-2024), primarily driven by the growth in worldwide adoption of LEDs. As an energy efficient, longer lasting and lower operating cost form of lighting, LED lighting is replacing the traditional incandescent bulbs.
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