apg to move north tomorrow

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Apg : The Speculator
Austpac on target for plant commissioning

Austpac (APG) is a minerals technology company with no debt, two major shareholders – BHP (5%) and Kronos International Inc (7%) – and first income from a new project scheduled for the first half of 2012.

Austpac managing director Mike Turbott confirms in the latest September quarterly report, released on Monday of this week, that the Newcastle plant on Kooragang Island is now 55% complete, with a three-month commission program to begin in late December.

“We are on target and on budget,” he added. “We have money in the bank and are debt free.”

After the Kronos deal was confirmed in April, Austpac shares soared to a year’s high of 10.5¢ (up from a year’s low of 3.1¢), but have since declined like the rest of the market to trade this week at 5¢. At that price, Austpac's 1067 million shares carry a market capitalisation of $51.35 million. At September 30, remaining cash stood at $6,655,000 with expectations that a further $6 million will be expended in the current quarter