Tripartite Agreement Signing Date Set
Melbourne, Jan 12, 2016 AEST (ABN Newswire) - Environmental Clean Technologies Limited (
ASX:ESI) (ECT or Company) is pleased to advise the date for signing the Tripartite Collaboration Agreement (TCA) has been agreed and set for Tuesday 19 January 2016.
Key Points:
- TCA is a framework agreement that defines the collaborative pathway to jointly develop and deploy ECT's Coldry and Matmor technologies in India
- Neyveli Lignite Corporation Ltd (NLC), NMDC Ltd and ECT to execute the TCA at NLC's headquarters in India in the presence of senior Australian diplomats
- Agreement paves the way for the commencement of collaboration activity
ECT's Managing Director Ashley Moore stated, "It has taken a number of weeks, since we received Indian National Government clearance, to settle upon a date where all parties were available. Busy end-of-year calendars, some wild weather in Tamil Nadu, as well as some personnel changeover in high-level positions within our partner organisation's meant we needed to allow for additional scheduling flexibility. We will now be joining NLC and NMDC, along with senior Australian diplomats, at the Neyveli Corporate HQ in Tamil Nadu for the signing of the agreement next Tuesday, 19th January."
The TCA sets the collaborative, legal and commercial framework required to advance a project of this type. As a result, the signing will see ECT commence activities, starting with the collaborative techno-economic feasibility assessment for an integrated commercial scale Coldry and Matmor facility. It will also deliver suitably accurate capital estimates for the Coldry demonstration and Matmor pilot plant required for the parties to determine allocation of funding for the project.
The Company will provide an overview of the TCA, including commentary on broad scheduling and capital arrangements for the expected project activity going forward.
Given the intervening period between the proposal and confirmation of signing dates, and the ongoing high level of interest by investors in the advancement of our Indian activities, the Company considered it prudent to enter a trading halt last week, to ensure the market was appropriately informed.
The Company requests the trading halt be lifted, effective immediately.
About Coldry
When applied to lignite and some sub-bituminous coals, the relatively simple Coldry beneficiation process produces a black coal equivalent (BCE) in the form of pellets. Coldry pellets have equal or superior energy value to many black coals and produce lower CO2 emissions than raw lignite.
About MATMOR
The MATMOR process is a significant advancement in the area of iron and steel production.
MATMOR is a simple, low cost, low emission, continuous production technology, utilising the patented MATMOR retort, which enables the use of lower cost raw materials to produce primary iron and iron based alloys.
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) is in the business of commercialising leading-edge coal and iron making technologies, which are capable of delivering financial and environmental benefits.
We are focused on advancing a portfolio of technologies, which have significant market potential globally.
ECT's business plan is to pragmatically commercialise these technologies and secure sustainable, profitable income streams through licencing and other commercial mechanisms.
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