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Environmental Clean Technologies Limited (ASX:ECT) is a public limited company. It is into commercialisation of sophisticated coal and iron-making technologies, which can contribute to both financial and environmental benefits.Â
The company has recently requested a trading halt on its securities in pursuant to ASX listing rule 17.1, since it is currently waiting for the outcome of the board meeting which was held by National Mineral Development Corporation limited on January 8, 2019. The board meeting of NMDC was conducted for the approval of the research collaboration agreement. The company anticipates the halt to be ended post announcement on January 9, 2019, after the outcome of the board meeting is known, or else it will be lifted before the start of trading on January 10, 2019.
As on January 3, 2019 the company provided an update on the India project, where NMDC will held a board meeting for the approval to sign the research collaboration agreement with ECT, where Mr Amitabh Ray will be the newly appointed Chief General Manager.
On May 30, 2018 the company signed a project agreement with two public sector undertaking companies of India namely, NMDC limited and NLC India limited for the largest ever research and development project between India and Australia which is worth AUD 35 million. The NLCIL board has approved the signing of the RCA on November 19, 2018, however this was subject to the approval by NMDC and with the consultation of the Ministry of Coal department. The agreement will set a platform and framework for the joint development of ECTâs resource upgrading technologies.
The forward preparations for the project implementation are on the way with the below objectives:
- Meeting with the department of engineering of NLCIL to prepare for project execution, including reviewing of capital budget and geotechnical requirements on site.
- Meeting with the senior management of NLCIL civil engineering department to progress discussion on the technology of coal drying.
- Australian High Commission and officials of Coal Ministry to have meeting on December 2018 with the company.
- Induction of the ECT chief general manager Amitabh Ray.
- The company will conduct meetings with external corporates and technical advisors. This will help to enhance proposals from project support roles.
The Chief Operational Officer of ECT, Jim Blackburn said that that the company is motivated to have conducted the meetings with Ministry of Coal. The company is improving on its internal activities of to support the signing of RCA and start the project as well.
Now, let us quickly look at the performance of Environmental Clean Technologiesâ stock and the return it has posted over the last few months. The stock last traded at $0.011 with a market capitalization of $52.81 million. The company posted a YTD return of 10.00% and produced a negative return of 15.38% over the last six months period, and a negative return of 8.33% over the last one-month span. It has a 52-week high price of $0.022.
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