Impact Minerals (ASX:IPT) plans to acquire a 50% stake in Alluminous, becoming its largest shareholder, according to a Wednesday Australian bourse filing.
Alluminous is a newly formed company that acquired 100% of HiPurA, which owns the HiPurA high-purity alumina processing technology, which was previously developed and wholly owned by ChemX Materials.
The acquisition will provide Impact with immediate access to the high-purity alumina processing technology. A 25-tonne-per-annum pilot plant can be commissioned within a few months with minimal further capital expenditure.
Both ChemX and HiPurA separately entered voluntary administration on January 2. The remaining 50% of Alluminous will be owned by the two founders and inventors of the HiPurA technology, together with North American venture capital investors.
Alluminous will seek to demonstrate the HiPurA technology at the pilot plant scale, followed by expansion to commercial-scale production in North America.
Its shares jumped 20% in recent trading on Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.