HPA plant, Cap-Chat, Quebec.
Photo by: Orbite Aluminae
TORONTO (miningweekly.com) – High-purity alumina (HPA) project developer Orbite Aluminae on Thursday said it had finalised detailed contract negotiations with Outotec to supply and deliver the new calcination system for its HPA facility in Quebec.
The company, which had last week awarded the contract to supply a 3 t/d calciner system for its Cap-Chat, Quebec, operation, to Outotec of Germany, said that it had now executed the supply contract, which includes penalties related to performance and late delivery.
The contract also provided incentives for enhanced performance and early delivery.
As a result of this, the C$4-million non-interest-bearing repayable financial contribution from Canada Economic Development's Quebec Economic Development Programme would be received over the next few days.
The company’s TSX-listed stock rallied on the news, gaining about C$0.11 apiece during the day following heavy and unusual trading activity on Wednesday, which saw it issue a press statement confirming that it was unaware of any undisclosed material changes or corporate developments in its operations that would account for the recent variations in share price or increased trading volumes.
On Wednesday, the company’s stock lost about C$0.12 apiece in value. Orbite said it had formally requested an investigation by relevant regulatory authorities.
On Thursday, the stock rallied 48.78% at C$0.305 apiece.