funding

From the abid report
ECT is developing an integrated Coldry and Matmor project in India to capitalize on the growing energy and infrastructure requirements in the region, coupled with the need for cost-effective production of power and iron.
ECT is en-route signing the tripartite collaboration agreement with NLC and NMDC, with two of three requisite Indian ministerial approvals cleared. Following this, it plans to set up a demonstration and pilot plant for Coldry and Matmor respectively.
A part of the output of the Coldry plant will be used for the production through Matmor, while the remaining output is expected to be sold to the local market. Whilst not finalized yet, it is expected that NLC, NMDC and ECT will contribute equally to the costs and receive an equal ownership of the plant.


So, 20 million for coldry which is ready to go, and matmor will be done step wise. Thus I can see we will need around 20-30 million at this stage. So if we are contributing equally we would expect NLC and NMDC to contribute roughly 15 million at this stage. As some have said coming from the agm and a quick talk with Adam it looks like an equity stake will be taken as part of the funding. What will this do to the sp if signing of Monash took us to 3.9 cents(at that stage we were still in aldp mix and a module was costing three times the amount). Now we will have funding to take us through construction of coldry and Matmor(yes we do still need to see the details). The funding arrangement still to be concluded on the 30 million which will be finalised after the signing should be enough for esi's part to see matmor through to commerciality.

Flooding not an issue and won't slow down the signing (according to Adam). They don't take long breaks over Christmas and new years in India so even though esi office will be closed after Christmas till the new year if the final approval is granted I'm sure they will be over there in a flash.

No notable change in major holdings(according to Adam), sell down frustrating but we just have to wait.

Construction can start at earliest by May IMO but some time in the first half, and of course module construction should be 9 months.

Waiting continues.... think we will need more than just the 10 cent party once this is signed, or we could make it go for a week!!!