Altona Energy said it expects to finally receive the £500,000 it had agreed with the Sino-Aus Energy for its coal-to-liquids joint venture by February 5 after complex regulatory requirements are processed.
Sino Aus acquired 100 million ordinary shares in the company at a price of 0.5 pence per share last month. Sino-Aus is one of the company’s partners on the Arckaringa coal joint venture in Australia.
Altona said the reason for the delay is because, as a British Virgin Islands registered company, Sino-Aus has significant regulatory requirements in making international transfers from China. Alternative arrangements are being put in place to make the payment.
Sino-Aus will pay its first tranche contribution Aus$5.4 million.
Altona executive chairman Qinfu Zhang, said: “There are significant restrictions in place regarding the opening of bank accounts in China and Hong Kong and this has caused an unfortunate delay in receipt of both the subscription monies due to Altona and the initial contributions to the Joint Venture Company.
“However we do not expect these delays to have a significant effect on the overall timescale of the project.”
The Arckaringa Project will convert low-value coal into high value methanol
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