Makes Significant Progress On The Thang Long Investment And Moves Closer To Commencing TinCom Deal
Melbourne, June 3, 2009 AEST (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) wishes to advise it has made significant progress on the Thang Long Investment and Commercial Joint Stock Company (TinCom) opportunity.
ECT signed a Heads of Agreement with TinCom in March 2009 for the staged investment in a Special Purpose Vehicle (SPV) to establish a plant for the production of 20M tonnes per annum of Coldry over the next 30 years.
ECT has now received confirmation from Loy Yang Power that it is prepared to commence discussions for an MoU encompassing the provision of coal, services and a site package necessary to enable the project.
Chief Executive Kos Galtos said the company was excited by this major step.
"The confirmation by Loy Yang that it is prepared to work with us is a critical milestone that will allow us to advance the TinCom opportunity," he said.
"We are now finalising negotiations around a detailed Coordination Agreement with TinCom which will lead to the establishment of an SPV and the investment of necessary funds to complete the detailed feasibility study," Mr Galtos said.
The State Government recently committed A$1M to the Gippsland Regional Infrastructure Development (GRID) initiative, of which ECT and Loy Yang Power are members, in this year's budget. GRID will identify rail and port infrastructure needs in and around the Latrobe Valley and provide real solutions to the transport issues that are prohibiting the export of Victoria's vast brown coal reserves.
"Coldry is commercially viable and we are now one step closer to realising this major investment opportunity in Victoria's Latrobe Valley," Mr Galtos said.
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) bridges the gap between the current high emission reality and the zero-emission world of the future. ECT's technology aims to play a key role in the transitional pathway to net zero by utilising abundant low rank and waste fuel sources in a new, clean way. ECT's technology suite creates clean and reliable applications and products for the energy, agricultural and industrial sectors.
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