Ann: Shareholder update, page-3

NLCIL, NMDC and ECT) will be meeting in Chennai today, October 16 to finalise discussions and agree on an updated RCA ahead of Board approvals.

While we are aware that NLCIL conducted an earlier Board meeting last Tuesday (9 October 2018) in Delhi to attend to internal compliance matters, we have been told NLCIL will hold an additional Board meeting in the first week of November, seeking approval to proceed.


While this is later than the target date previously set by both NLCIL and NMDC (30th October 2018), the parties have agreed that no further extension is required and that the MOU remains on-foot and effective.

ECT COO, Jim Blackburn remains in India this week, and together with ECT India CMD Ashley Moore and Chairman Glenn Fozard, will ensure on-the-ground representation by ECT through to signing to provide any further support necessary to facilitate the consideration and approval of the RCA by the Boards of NLCIL and NMDC.


Formal arrangements for the signing ceremony and exchange of project documents expected during the week of the 19th to 24th of November

• Banking and transactional arrangements for the transfer of project funds

• Establishment and initial meeting of the Project Control Committee

• Opening of the ECT operational offices in Chennai and Neyveli

Senior delegates from NLCIL have expressed a desire to attend the ECT AGM on November 30, and both NLCIL and NMDC will be invited to attend to jointly present the project to ECT shareholders.


Further to the Company’s announcement of 9 August 2018 highlighting the signing of a $1.3 million, 5-year deal for the provision of a turnkey solution for steam services to a customer in Victoria, Australia, the Company is pleased to advise the first stage of the contract has been completed.