ABx Group Limited (ASX: ABX) Secures $1M Loan for ALCORE
Loan Agreement
ABx Group Limited (ASX: ABX) has announced that its subsidiary, ALCORE Limited, has received support from the Tasmanian Government for a $1 million, zero interest conditional loan. This funding will assist in the construction and operation of a continuous pilot plant in Tasmania, which aims to convert waste products from aluminium smelting into industrial chemicals like hydrogen fluoride.
Project Details
The loan is contingent on securing a site for the pilot plant and is expected to be formalised in early 2025. The planned pilot plant will showcase ALCORE’s proprietary process, providing a critical step towards establishing a commercial plant to produce aluminium fluoride, currently imported entirely.
Executive Comments
Mark Cooksey, Managing Director and CEO of ABx Group, stated, “Securing the support of the Tasmanian Government is an endorsement of ALCORE’s potential and allows us to commence construction of the continuous pilot plant.” He highlighted the significance of the project, which aims to recycle fluorine waste into industrial chemicals at a commercial scale, and expressed optimism for the upcoming year.
ABx Group intends to update stakeholders on the pilot plant’s progress as development continues.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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