Orbite Provides Update on Financing and HPA Construction
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 06/12/15 -- Orbite Aluminae Inc. (TSX: ORT)(OTCQX: EORBF) ("Orbite", or the "Company") today provides an update on the construction and financing of its high purity alumina plant (HPA) located in Cap-Chat, Quebec.
Financing
Construction (Pictures can be found in the Media section of Orbite's website)
Decomposer and Calciner
Steam Piping
Lined Piping
All piping, including utilities
Mechanical
Electrical and Instrumentation
Structural, buildings and foundations
Ventilation and Insulation
Procurement, Schedule and Budget
Operational Readiness
"We are progressing well towards completion of our plant," stated Glenn Kelly, CEO of Orbite. "Though slightly longer than planned, we are nearing completion of the critical process of refractory installation, with other construction work either underway or contracts being awarded for the remaining elements of our plant. The expected $5.0 million bridge loan from Investissement Quebec puts us very close to completing our HPA2-related financing requirements and we have additional options under review, such as our base shelf prospectus and asset backed debt."
"With commissioning scheduled to start in Q3, we are on track for commercial production in Q4 2015. We have successfully met all challenges that we have been confronted with this past year, which is testament to the very considerable skills and commitment of our people. We are now in the final stages of construction, and look forward to shifting our focus to commissioning, production and commercial activities."
About Orbite
Orbite Aluminae Inc. is a Canadian clean technology based mineral-processing and resource development company whose innovative and proprietary processes are expected to produce alumina and other high-value products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Quebec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallee deposit. The Company's portfolio contains 15 intellectual property families, including 17 patents and 95 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Quebec, where its technologies are developed and validated.
Forward-looking statements
Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 31, 2015.
The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
Contacts:
TMX EQUICOM
Marc Lakmaaker, External Investor Relations Consultant
1-800-385-5451 ext. 248
For Media Inquiries:
TMX EQUICOM
Scott Anderson, External Media Relations Consultant
1-800-385-5451, ext. 252
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.06.2015 - 11:30 Uhr
Sprache: Deutsch
News-ID 400039
Anzahl Zeichen: 0
contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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