Orbite Provides General Update: Outotec Calcinator Contract Signed; EDC Funds Incoming
March 27, 2014 (Source: Marketwired) — Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (“Orbite” or the “Corporation“), today provided a general update on its activities and announced that it had finalized negotiations with Outotec and executed the calcination system supply contract.
As communicated in its March 17 HPA project update, Orbite selected Outotec to supply and deliver the new calcination system for its HPA facility. Detailed contract negotiations have been finalized and the supply contract, which includes penalties related to performance and late delivery, has been executed. The contract also foresees incentives for enhanced performance and early delivery. Subsequent to the execution of the contract and as contemplated, the funds from the previously announced interest free loan from Economic Development Canada are being received over the next few days.
Orbite continues to work towards a 12 month execution timeline, with commissioning in December 2014 and commercial operations to commence in January 2015. Full production capacity at 3 tpd is anticipated for Q1 2015.
Glenn Kelly, CEO of Orbite, stated, “We continue to progress well and are on schedule for meeting our twelve month execution timeline and the finalization of the equity investment by the Government of Quebec is also proceeding as planned. Accordingly, I want to reemphasize that we are moving forward as per plan and are not aware of any undisclosed material changes or corporate developments that would account for the recent variations in share price or increased trading volumes. Consequently, we have requested that the relevant regulatory authorities conduct a formal investigation into the recent trading activity.”
Orbite Aluminae Inc. is a Canadian cleantech company who’s innovative and proprietary processes are expected to produce alumina and other high-value by-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 and fly ash. Orbite is currently finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. The Corporation’s intellectual property portfolio contains 15 intellectual property families, and the Corporation owns the intellectual property rights to 11 patents and 57 pending patent applications in 10 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, and Russia. The Company also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.
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Certain information contained in this document may include “forward-looking information”. Without limiting the foregoing, forward-looking information may include statements regarding projects, costs, objectives and future returns of the Corporation 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 Corporation 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 Corporation’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 17, 2014 on www.sedar.com.
The Corporation 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>