WHITE ENERGY ENTERS INTO A US DEVELOPMENT AGREEMENT WITH NRG AND BUCKSKIN MINING COMPANY SYDNEY, March 12th 2008 -- White Energy Company Limited, a Sydney-based company which is actively commercializing its patented coal upgrading technology worldwide (ASX:WEC), today announced it has entered into a Development Agreement in North America with NRG Power Marketing, LLC (wholly owned subsidiary of NRG Energy Inc.) and Buckskin Mining Company (indirect wholly owned subsidiary of Kiewit Corporation) . The first phase of the Development Agreement is to complete a detailed feasibility study (funded equally by the parties) to evaluate the economic, technical and logistical viability of constructing a plant that is capable of producing at least one million tons of binderless coal briquettes at the Buckskin mine in Gillette, Wyoming, USA. Pilot plant tests conducted to date have concluded that Buckskin’s mine produces a sub-bituminous coal that is ideal for upgrading with the White Energy process. John Atkinson, Managing Director of White Energy Company, said, “Signing this Development Agreement marks a major step forward in the execution of our US market strategy. This significant development follows the recent appointment of Judy Tanselle to the position of President of our North American operations.” Judy Tanselle added, “We are pleased to have achieved the first milestone in White Energy’s North American business strategy. The Development Agreement between NRG, Buckskin and White Energy provides the opportunity for our Company to demonstrate and prove the value of the White Coal Technology in North America. The sub-bituminous coal produced in the Powder River Basin is an ideal feedstock for this process. We will be able to enhance the coal quality to significantly increase its energy efficiency offering a low sulfur, low ash and dust free alternative to bituminous coal.” Mike Nimmo, Vice President of Buckskin Mining Company, stated, “We are pleased to be working with White Energy and NRG on this project. The potential benefits of the White Coal Technology are significant in the Powder River Basin.” About White Energy Company Limited White Energy Company Limited is a public company listed on the Australian Stock Exchange under the ticker symbol WEC. White Energy is the exclusive worldwide license holder of the Binderless Coal Briquetting process that upgrades relatively poor, high moisture coals and significantly increases their energy efficiency. White Energy is in the process of commercializing its technology and is currently constructing a major commercial plant in Indonesia. In addition to its Indonesian focus, it is actively pursuing opportunities to deploy its technology across various markets including China, India, South Africa and North America. White Energy has a technology that represents a first step in building a cleaner coal solution. White Energy has an evolutionary process that speeds the maturation of lower grade coals. White Energy is committed to delivering cleaner coal technologies with a view to ultimately achieving zero emission targets. Its White Coal process has been shown to be cost and operationally superior to competing technologies. The process was developed by Australia’s Commonwealth Scientific Research organization in conjunction with TraDet Inc, K.R. Komarek Inc and The Griffin Coal Mining Company Pty Ltd. About NRG Power Marketing, LLC NRG Power Marketing, LLC is a wholly owned subsidiary of NRG Energy, Inc, a Fortune 500 company, which owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the United States and also in Australia, Germany and Brazil. NRG’s global portfolio of projects totals approximately 25,000 net MW. NRG is a member of USCAP, a diverse group of business and environmental organizations calling for mandatory legislation to achieve significant reductions of greenhouse gas emissions. NRG is also a founding member of "3C--Combat Climate Change," a global initiative with 42 business leaders calling on the global business community to take a leadership role in designing the road map to a low carbon society. More information on NRG is available at www.nrgenergy.com. About Buckskin Mining Company Buckskin Mining Company is an indirect wholly owned subsidiary of Kiewit Corporation. Kiewit is one of North America’s largest and most respected construction and engineering organizations. Headquartered in Omaha, Nebraska, Kiewit offers construction and engineering services in a variety of sectors including mining, transportation, buildings, water and power, underground facilities, telecommunications, industrial, oil and gas facilities and offshore facilities. John Atkinson Managing Director White Energy Company Limited E: [email protected] T: +61 2 9251 1311 F: +61 2 9251 1377
WEC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
