Ann: Victorian Coal Upgrade Feasibility Study Commences, page-63

Resolution 1 is usually a sign of whether shareholders are happy or not, so we will see how that pans out. Im predicting a Victorian election type result in favor of management.

We have NLCIL board approval in hand, should have NMDC in hand within a couple of weeks, pushing ahead with a local Coldry plant 3.5 time bigger than anyone anticipated. But the reality is that ECT has had too many false starts, so the market will wait for the ink to dry, fair enough too.

The India growth story is only beginning and ECT finds itself perfectly positioned to be involved.

Think back 5 years and coal was going out the back door, prices were heading south so ECT were extremely lucky to have NMDC come into the picture with NLCIL for the pursuit of Matmor. The 60ktpa Coldry plant is that size because that is all that is required for the demo of Matmor. NLCIL interest in Coldry has only become a discussion point since their board gave approval to commercial terms as far as I’m aware.

Coal has come 360 and finally we find ourselves in the right place at the right time. Coal is back in vogue, mines here in Australia are being taken off care and maintainence because the price has recovered sufficiently for these higher cost mines to be put back into production.

This in turn has opened up the opportunity for Coldry in India as I’ve stated previously for starter fuels and blending at the very least.

Also over the last 4-5 years India has gone through tremendous political change thanks to the Modi government, ECT has had to adjust and adapt to these changes along the way and deal the the frustrations as Sam pointed out. I firmly believe ECT and shareholders will be rewarded in due course, probably starting with the signing ceremony in Delhi and further with financial close. Most importantly ECT has a bright future in front of it, most wouldn’t have thought that 5 years ago.