News: Austpac Resources closes in on deal for Newcastle plant

Austpac Resources (ASX:APG) is close to finalising project funding for the completion of the Newcastle Iron Recovery Plant in New South Wales.

This finance, in conjunction with a major international company, will provide funds to complete construction, installation, commissioning and production.

A detailed assessment has been undertaken by the local subsidiary and the international parent company.

Austpac will make further announcements as documentation progresses.

In July, Austpac placed 11 million shares at $0.022 to raise $242,000 to professional investors in a private placement.

Austpac has developed new commercial processes for the titanium, steel and iron ore industries.

The company aims to recycle waste into valuable, profitable products, which includes converting steel mill waste and iron ore fines into high iron metal.

Austpac's technologies are the most environmentally friendly and the end products are free of the radioactivity issues associated with some alternative technologies.

Over 70 ilmenites from deposits around the world have successfully been treated, indicating the versatility of Auspac's ERMS SR process.

A 3,000 tonnes per annum demonstration plant was built in two stages during 2008 at Austpac’s facilities in Newcastle.

Austpac is an interesting mining-related technology stock, capped at $22 million, with big upside that may have slipped under investor radars.