I wouldn't be surprised if they did commence construction this year or early next... A lot of things may be going on in the background such as engineering design and possibly construction tendering, who knows seems all hush hush.
Remember project monitor listed victoria coldry in there project database late jan so certainly something is in the pipeline and remember the nov 15th announcement last year in relation to the update... I wouldnt be surprised if we begin construction late late this year... hopefully next weeks half year reports might have extra info as well, i'm kinda surprised they didnt save kos's interview for the half yearly report.. anyways fingers crossed.
this was from another project website nov 15th same as the announcement but with some extra wording here and there (note 3 months have past since this announcement)..https://secure.projectory.com.au/article/victoria-coldry-project-moves-towards-detailed-engineering-design-and-construction-tendering
Victoria Coldry Project moves towards detailed engineering design and construction tendering By Jamie Wade on November 15, 2010 in Victoria, Gippsland, Energy & Utilities Projects, Electricity, Resources Projects, Black Coal Mining, Brown Coal Mining
A Victoria Coldry Project partner said structuring of the project and scope for detailed design and engineering had "progressed significantly".
Environmental Clean Technologies Limited (ECT) and its Vitenamese partner TinCom are moving towards appointment of external engineering support after which operational responsibilities will transfer from TinCom to the joint venture company Victoria Coldry Pty Ltd (VCPL).
TinCom project director Mr Linh Vu Dac said the proponents were very confident of the technical and economic feasibility of the Coldry process.
"We are fully engaged with this project and are satisfied all appropriate commercial and engineering considerations are falling into place,? he said.
?Our internal engineering work has refined the parameters of the project, our execution planning, and continued progress is being made toward the commencement of formal external engineering works.?
The Victoria Coldry Project would enable ECT and its partner TinCom, through their joint venture company VCPL to export two million tonnes a year of Coldry pellets from early 2014, expanding up to 20 million tonnes a year in its first decade of operations
The project is intended to be deployed at the Loy Yang Power Station site in the Latrobe Valley.
Under the terms of the TinCom agreement, ECT is entitled to a royalty of $5 for every tonne of Coldry produced and a free carry project equity stake of 10%.
The Coldry plant is expected to be operational by late 2013 or early 2014.
About the project
Victoria Coldry Pty Ltd (VCPL) will design, fund, build and operate a COLDRY plant with an initial production capacity of 2 million tonnes per annum, operating on the proposed Loy Yang site in the Latrobe Valley.
The project is targeted to expand progressively over the first decade of operations to 20 million tonnes per annum, subject to rail and port infrastructure development.
The target market is for export of the finished product ? COLDRY BCE (Black Coal Equivalent) pellets ? to the Asian market, predominantly Vietnam.
VCPL is owned by the project partners ? Thang Long Joint Investment Stock Company (TinCom) of Vietnam, and ASX listed technology development company Environmental Clean Technologies (ECT).
At inception, the shareholding is 50/50, and this will continue through the project development phase until commercial close (i.e. when the construction commitments and full funding arrangements are finalised prior to breaking ground).
At this time, ECT?s shareholding will revert to 10%, and TinCom?s will grow to 90%. ECT?s 10% holding will remain static for the life of the project.
The COLDRY technology will be contributed by ECT, and all equity and debt finance for the project will be the responsibility of TinCom.
For phase 1, the capital requirements are expected to be of the order of $US400 million ? this figure will be refined and confirmed during the detailed design process to be performed by Arup.
TinCom will cover this through equity of approximately $100 million, and the balance through debt sourcing.
The License to use the COLDRY technology is granted to VCPL by ECT. This was signed into force on 25 June, 2010.
For ECT, the licensing royalties are $A5 per tonne of COLDRY product, escalating by CPI for the life of the License (50 years of plant operation).
The License provides for export exclusivity from Victoria for the full License period, and a Victorian domestic sales exclusivity for five years, able to be extended if certain performance conditions are met.
The License also grants VCPL the right to build up to 100 million tonnes of capacity in Australia and Indonesia, as well as the exclusive right to build COLDRY plants in Vietnam.
Project Snapshot Project Name: Victoria Coldry Project Status: FEED Site: Loy Yang Power Station site, Latrobe Valley CAPEX($AUD million): 400 CAPEX($AUD million): $251m - $500m Proponent: Victoria Coldry Pty Ltd (VCPL): owned by the project partners ? Thang Long Joint Investment Stock Company (TinCom) of Vietnam, and ASX listed technology development company Environmental Clean Technologies (ECT) Comissioning Date: Q4 2013 / Q1 2014 Lifespan (years): 50 Key contact(s): Mr Kos Galtos Chief Executive Environmental Clean Technologies Limited Level 8, 530 Little Collins Street Melbourne VIC 3000 Tel: +61 3 9684 0888
ESI Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
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