ABx Group Limited’s (ASX: ABX) 83%- owned subsidiary ALCORE Limited (ALCORE) has received the second $2.7M instalment of the previously announced $7.5M in grant funding under the Federal Government’s Modern Manufacturing Initiative (MMI). This means that 75% of the grant funding has now been received.
The grant initiative, which is on a co-contribution basis and managed by the Department of Industry, Science and Resources, has been established to assist Australian manufacturing projects commercialise and integrate with domestic and international value chains.
Receipt of further funds from the MMI provides continued recognition that the Department remains satisfied with ALCORE’s advancements.
ALCORE is developing a process to recover fluorine from ‘excess bath’ (an aluminium smelter waste) to produce hydrogen fluoride, with a later-stage commercial plant to further react the hydrogen fluoride to produce aluminium fluoride – a high-value chemical essential for aluminium smelting.
The MMI grant is in support of ALCORE’s proposed $16.4m aluminium bath recycling plant at Bell Bay, Tasmania (the stage 1 commercial plant) and also includes activities relating to the establishment of a pilot plant on the NSW Central Coast.
“Additional funding from the MMI is a positive development validating the important work that has been completed to date as well as providing further stimulus to accelerate activities,” ABx Group Managing Director and CEO, Dr Mark Cooksey, said.
“This news comes at an important time for ALCORE, as the business has recently completed preliminary engineering design work for its pilot plant, and also made an order for an advanced laboratory reactor that will further enhance the processing of excess bath material.”
