Altech Chemicals (ASX:ATC) secures financing for HPA plant

09/02/2018 17:00:00

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Altech Chemicals Limited (ASX:ATC) operates in the high purity alumina space, which is necessary for making sapphire, the building block used in the LED sector. But, Altech Chemicals’ Managing Director (MD) Iggy Tan says, high purity alumina is not only used in the LED industry, but also used in the fast-growing lithium space, as a fire retardant in lithium batteries.

Altech Chemicals is building a high purity alumina plant in Malaysia and it successful raised US$190 million from a German Bank to fast track its growth. The total project is expected to cost US$298 million and will be fully funded by close of June 2018.

As for the size of the plant, it's tipped to worth US$1.1 billion and generate $US133 million per annum in earnings (earnings before interest tax depreciation and amortisation).

To learn more, watch our interview with Altech Chemical MD, Iggy Tan.