Published with permission.
Australian Silicon Limited (ASO) announced the completion of the acquisition of the minority ownership to consolidate 100% holding in the Australian Silicon Project.
The Company paid Doral Mineral Industries Limited $1.4 million for the remaining 10% ownership and other interests in the
Australian Silicon Project. The payment was met through the exercise of 7 million options at 20 cents by Portman Limited which raised $1.4 million for ASO. ASO have put in place a working capital facility of $550,000, with the Company’s major shareholder Portman Limited. Funds will be used to fund ongoing development costs for the Australian Silicon Project.
Determination of the final Development Approval for the integrated silicon project is expected from the NSW State Planning Minister in the next few weeks.
The Company has also advanced discussion with suitable off take groups to meet project finance requirements for the production of silicon metal at Lithgow.
Portman Limited increased its relevant interest in Australian Silicon Limited on 28/03/2002, from 37,000,000 ordinary shares (67.4%) to 44,400,000 ordinary shares (71.73%).
It appears that Portmans thinks it is backing a winner It is now poised to either fight an appeal in the Land and Environment Court or begin building the charcoal plant as soon as the approval comes through. The Charcoalition group, one of many opposed to the project, are asking their many supporters to donate to the fighting fund at the IMB Building Society, as they feel as this move by Portmans indicates an approval from the NSW Government is imminent.