Alpha HPA has raised $7 million through a share placement to advance its plans for a $308 million high-purity alumina industrial plant in Gladstone.

Alpha HPA plans to produce about 10,000tpa of high purity alumina at the HPA First project in Gladstone, using its own solvent extraction and HPA refining technology.

It said today the funds raised would go towards market outreach and permitting and financing of the Gladstone project.

“The company is delighted with the support of existing shareholders as well as welcoming some new high-quality institutional investors,” managing director Rimas Kairaitis said.

“This outcome ensures the company is able to maintain a very strong balance sheet to complete the permitting, offtake and financing of the HPA First project and continue to deliver commercial test samples of HPA and boehmite product to potential end users as part of its ongoing market outreach program.”

Alpha HPA has a Memorandum of Understanding with Orica for supply of key process reagents and the offtake of the by-product from the project.