Altech Chemicals Ltd. secured a US$60 million stream finance facility for its Johor Bahru high-purity alumina project in Malaysia.

The company said June 15 that it signed an indicative nonbinding term sheet with a U.S.-based global alternative investment group, which will take the total project finance to US$340 million.

The facility will be structured to operate in conjunction with Altech's 10-year off-take sales arrangement with Mitsubishi Australia and for repayment over the life of the project.

The company already holds a US$190 million senior loan from German state-owned KfW IPEX-Bank and an indicative term sheet for a US$90 million mezzanine loan from Global Merchant Bank.