Environmental Clean Technologies (ECT) Limited (ASX:ESI) is pleased to report on the formation of a Special Purpose Vehicle (SPV), Coldry East Kalamantan Pty Ltd with Alexis Minerals International (AMI) for the establishment of a Coldry production plant in East Kalimantan, Indonesia.
Rapid progress has been made since signing the Heads of Agreement on 17 November 2009 with both parties establishing the company that will prepare an Information Memorandum to attract investment to fund a formal feasibility study in 2010. This project has significant commercial and environmental benefits. It will deliver ECT a strategically important production footprint in SE Asia, leading to the production of 10M tonnes per annum of Coldry “˜Black Coal Equivalent’ over the next 30 years and open up further opportunities in the region.
Both ECT and AMI are highly motivated to progress the project to improve the economic value of high moisture, low rank coal (LRC) reserves through the Coldry dewatering process. For AMI it means a more competitive Black Coal Equivalent product to address its target markets in neighboring South East Asian countries, and for ECT, a commercial demonstration site and distribution channel for its technology in the region.
For further information, please contact:
Chief Executive, Kos Galtos +61 3 9909 7684