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Altech Sells WA Land, Secures Mining Rights
29 Jun
Summary
- Altech Batteries sold non-core land for $950,000.
- Company retains crucial mining rights to lease M70/1334.
- Sale provides working capital and secures bearer bonds.
Altech Batteries Ltd has finalized the sale of its landholding in Meckering, Western Australia, through its subsidiary Altech Meckering Pty Ltd. This transaction yielded gross proceeds of $950,000, significantly boosting the company's working capital. The board had previously identified this land as non-core, making its divestment a strategic move to free up capital.
While the land has been sold, Altech has shrewdly retained essential mining rights associated with lease M70/1334. An agreement is in place with the new landowner to preserve future mining access. This arrangement ensures that any subsequent mining operations on the lease can proceed under agreed terms.
The sale also addressed a mortgage held by major shareholder Deutsche Balaton AG. As part of the settlement, Altech provided a bank guarantee of $500,000 to secure €2 million in bearer bonds, which are due for repayment on October 31, 2026. The company is also pursuing the sale of its Malaysian land to meet this obligation.
