ECT Mentioned in YES BANK Annual Report
Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) is pleased to confirm it has again been highlighted in the Annual Report of YES BANK.
YES BANK, one of India’s largest private sector banks, has provided corporate advisory services to the Company for several years to develop and advance its relationship and project objectives in the Indian market.
ECT Managing Director, Ashley Moore commented “We again welcome inclusion in YES BANK’s Annual Report, and while it is a restatement of the updates we’ve already provided to the market we do recognise that a third party mention is always supportive.”
The reference to ECT appears under the section heading Sustainable Investment Banking on page 64 of the YES BANK’s 2015-16 Annual Report, which can be viewed on their website via the following link: https://www.yesbank.in/about-us/investors-relation/financial-information/annual-reports.
YES BANK highlights its exclusive advisory role to ECT in India in the commercialisation of the Coldry and Matmor technologies.
Their report notes the key drivers underpinning the interest in developing the technologies, being the large demand-supply mismatch in thermal coal and coking coal and the impact on power plants and iron making companies.
The Company is currently progressing the Techno-Economic Feasibility (TEF) study with its Indian partners, NLC (India’s Lignite Authority) and NMDC (India’s Iron Ore Authority), which is on target for completion by the end of June 2016.
The TEF study entails the technical and economic modelling of a commercial scale, fully integrated steel plant operation consisting of Coldry ‘composite’ pellet preparation, Matmor metal-oxide reduction plant, steel refining furnace, and casting plant with an output of 500,000 tonnes per year of billet steel. This modelling, led by pyro-metallurgical engineering firm M.N. Dastur, provides an appropriate basis for comparison against incumbent steel making processes, underpinning the R&D investment decision-making requirements by the parties, in order to access the commercial scale potential.
The balance of activities in coming weeks will focus on completion of capital cost estimates for the Matmor process. Current indicative capital cost figures, which are subject to validation and detailed engineering following pilot scale activity, show potential for significant savings compared to traditional steel making processes, providing another layer of competitive advantage.
The Company will continue to provide progress updates, including guidance on expected decision making timelines by both NLC and NMDC, when appropriate.
For further information, contact:
Ashley Moore – Managing Director [email protected]