Altech Chemicals Ltd and Dana legal action now discontinued
Date
5/17/2016 5:06:34 AM
(MENAFN- ProactiveInvestors - Australia)
Altech Chemicals Ltd (ASX:ATC) has confirmed that a minute of consent order has been filed in the Supreme Court of Western Australia, consenting to the discontinuation of legal proceedings between Dana Shipping and Trading S.A. (Dana) and Altech.
The filing of the minute brings to an end the dispute between Dana and the company.
As announced on 9 May 2016, Dana has agreed that it will purchase exploration licence E70/3923 from the company (excluding mining lease application M70/1334, 100% owned by Altech) at Meckering, Western Australia for $2.0 million.
Dana has paid a $250,000 non-refundable deposit to Altech and it will pay the balance of the consideration to Altech within 5 business days of the grant of mining lease M70/1334.
M70/1334
Mining lease application M70/1334 covers an area of ~85 hectares and sits within the boundaries of the 94 hectare block of freehold farming land that the company has an option to acquire.
Access to the lease is via a maintained gazetted public road which links directly to the Great Eastern Highway that runs east from Perth to Kalgoorlie.
The lease area contains an estimated ~11 million tonnes of kaolin mineral resources, representing in excess of 250 years of feedstock for the company’s proposed 4,000tpa high purity alumina (HPA) plant at Johor, Malaysia.
In April 2016, the company completed a grade control drilling program at Meckering to assist in planning its future kaolin mining operations, the drilling program was confined to within the area of M70/1334.
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