Melbourne, Australia, May 21, 2018 - (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) (ECT or Company) provides the following update in relation to the timing of the signing ceremony for its India Project.
The Company announced last Thursday (17 May 2018) that the signing ceremony for its India Project was scheduled for Thursday 24 May 2018 in Canberra.
The date has subsequently been rescheduled for Wednesday 30 May 2018.
This move is to accommodate a change in availability of key dignitaries from both Australia and India that has recently been communicated to the Company.
ECT Chairman Glenn Fozard commented, "As shareholders may appreciate, coordinating the availability of senior dignitaries from India and Australia can be challenging.
"With recent changes in availability for both groups, we've worked to find the next window of mutual availability.
"Our partners at NLC and NMDC remain highly motivated and the Australian government continues to be very supportive.
"We're extremely pleased that the signing ceremony will be in Canberra on Wednesday 30 May 2018 reflecting the importance of this first-of-a-kind deal between Australia and India."
The signing ceremony is the culmination of over 4 years of collaborative effort between the parties, representing the largest ever joint R&D agreement between Australia and India, and will see the execution of the Master Project Agreement (MPA) for the development of an integrated Coldry demonstration and Matmor pilot plant.
Commencing with an ~AUD35 million R&D phase, the project aims to scale up ECT's Matmor and Coldry technologies to deliver an integrated Coldry demonstration and Matmor pilot plant to validate their technical and economic feasibility at a capacity of ~2 tonnes of metal per hour.
Following successful phase one R&D outcomes, the agreement provides the framework to proceed with a commercial-scale integrated steelmaking facility. The parties have previously contemplated the potential scope for the commercial phase via the techno-economic feasibility study completed in July 2016, which includes a notional capacity of 500,000 tonnes per annum steel output and an estimated AUD300 million capital investment. The site for the R&D plant has been chosen to allow room for expansion into a commercial-scale facility.
The Company will continue to provide updates.
When applied to lignite and some sub-bituminous coals, the 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.
The MATMOR process has the potential to revolutionise primary iron making.
MATMOR is a simple, low cost, low emission production technology, utilising the patented MATMOR retort, which enables the use of cheaper feedstocks to produce primary iron.
About the India R&D Project
The India project is aimed at advancing the Company's Coldry and Matmor technologies to demonstration and pilot scale, respectively, on the path to commercial deployment.
ECT has partnered with NLC India Limited and NMDC Limited to jointly fund and execute the project.
NLC India Limited is India's national lignite authority, largest lignite miner and largest lignite-based electricity generator.
NMDC Limited is India's national iron ore authority.
About Environmental Clean Technologies Ltd:
Environmental Clean Technologies Limited (ASX:ESI) 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.
Environmental Clean Technologies Ltd
E: [email protected]
Copyright (C) 2018 ABN Newswire. All rights reserved., source Press Releases English