ECT India, page-136

One more Satin.....

As a result, on Saturday 15th of April, the parties (ECT, NLC and NMDC) signed an interim agreement which delivers several key outcomes, including:

• Formal confirmation and acknowledgement of continued interest by the partners in funding and executing the Coldry-Matmor project
• Commitment to work to conclude the MPA, following review by NITI Aayog, and then proceed towards construction
• Continuity between the Tripartite Collaboration Agreement and the commencement of the MPA
• The commitment of funds by NLC and NMDC to execute certain commercial project activities previously subject to the signing of the MPA

Mindful of the longer than expected NITI Aayog review timeframes, NLC and NMDC have elected to commence several key commercial preparatory activities, which were to be triggered by and funded under the MPA.

Bringing these activities forward signals a strong financial commitment by NLC and NMDC and will drive these important activities in parallel with the NITI Aayog review process, helping make up for some of the delays experienced.

These activities, which will involve assistance from external consultants, add essential substance to legal, planning, financial and procedural aspects leading into the project execution. With a budget of up to $A700,000 for these activities, NLC and NMDC will be funding these activities directly. ECT will support this activity via the provision of guidance and assistance as required.