AFC achieves funding milestone for Thailand battery metal plant
Alpha Fine Chemicals Limited (AFC) today announced that a consortium of investors including the Traxys Group (“Traxys”), a Tier 1 miner1, and CIGP together with current shareholders and management have made an investment into AFC through the purchase of convertible notes to fund working capital and due-diligence costs associated with the financing of AFC’s 40,000 tpa nickel sulphate plant to be located in Thailand.
AFC Nickel Sulphate Plant proposed for Thailand
Alpha Fine Chemicals (AFC) is proposing to construct and operate a nickel sulphate plant at Rayong Province, 120km south-east of Bangkok in Thailand.
Using new technology that is simpler, safer and less expensive than existing methods, the AFC Nickel Sulphate Plant will produce 40,000 tonnes per annum of high purity nickel sulphate crystals to supply the lithium-ion battery market for electric vehicles and stationary storage.
Now in the definitive feasibility stage, an assessment of the plant location is underway to lock in a site that provides access to appropriate infrastructure, port facilities, transport routes and raw materials.
It is anticipated that the project will create 90-100 long-term full-time jobs.
AFC holds certain exclusive rights to the CMN Process technology. The CMN Process is patented solvent extraction technology developed by one of AFC’s key partners, Canopean Pty Ltd.
AFC investigated a number of potential project applications for the CMN Process before settling on a nickel sulphate plant to produce 40,000 tpa of high purity nickel sulphate to support the growing demand from the battery and plating sectors.
Research completed on behalf of AFC by Lux Research concluded that nickel consumption in lithium-ion batteries for electric vehicles and stationary storage units are projected to increase by 1,200% over the next 10 years.