Altona Energy PLC Result of General Meeting (0401N)
January 14 2019 - 7:48AM
UK Regulatory
TIDMANR
RNS Number : 0401N
Altona Energy PLC
14 January 2019
Altona Energy plc
("Altona" or the "Company")
Result of General Meeting
Altona (AIM: ANR) announces that at its General Meeting held
earlier today the resolutions to remove Zhang Qinfu and Ma Chi as
directors of the Company were not passed.
At the General Meeting the following statement was made by a
representative of Zhang Qinfu:
"Altona is an energy resource company with abundant coal
resources in Australia. Our initial focus should be to investigate
the feasibility of product extraction for this coal resource. That
is our advantage.
Now Leigh Creek Energy (LCK), a company which owns the
neighbouring licence to our own Arkaringa site, has done UCG
successfully and the production of the first syngas occurred on the
10th of October 2018. Leigh Creek's most important investors are
from mainland China and Hong Kong, and its project has the support
from the South Australia Government. It has proven that the
direction to develop UCG is feasible. In addition, Altona has
historically done a lot of preparation for UCG. We have
communicated with the South Australian government; we have visited
the pilot plant of Linc Energy in Brisbane to investigate its
technology; and we have invited Chinese experts to South Australia
to do an on-site investigation. The focus of the company's
development should be on coal mining and Underground Coal
Gasification, and I believe that is the company's future. If the
directors make wrong decisions about the company's development
direction, it is unlikely that we will ever recover our lost
value.
Regarding Altona's short-term goal, I recently recommended a
vanadium mine project to the Company's board about investing in the
vanadium mine with Altona's shares. This is a significant vanadium
mine in China, with good quality ores and I already own a
shareholding of more than 40 per cent. Currently, the price of
vanadium pentoxide is 190,000 RMB (approx. GBP22,000) per ton. The
profit margin for this project is high. If we could include this
vanadium mine company into Altona, it will give Altona an
opportunity to receive an immediate major boost and give us the
funding to develop the coal resource in Australia further."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
-ends-
Enquiries
Altona Energy plc +44 7769 906
Nicholas Lyth, Chief Executive Officer 686
Northland Capital Partners Ltd (Nomad and Broker)
Matthew Johnson / Gerry Beaney / Jamie Spotswood
(Corporate Finance) +44 20 3861
Abigail Wayne (Corporate Broking) 6625
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END
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