EESTech Signs US$300 Million Agreement
BRISBANE, Australia, Sept. 2, 2013 /PRNewswire/ -- EESTech, a publicly traded company on the OTC Market under symbol EESH, announces that on Friday, 30th August, the Company signed a binding Heads of Agreement with Cyndara 273 (Pty) Ltd, a coal producer that operates a coal beneficiation facility in the district of Vryheid, South Africa. Cyndara has three discard dumps and slimes dams currently holding over 4.5 million tonnes of waste anthracite.
The agreement has EESTech provisioning environmentally sustainable mine site remediation services which incorporates EESTech's proprietary HCGT "waste to energy" platform to provide the energy required to power the Blue Drop Water System for mine site water purification and the WRAM system for the upgrading of waste anthracite into a commercially saleable export product.
The Cyndara project will further demonstrate EESTech's capability to produce a variety of carbon-based products from waste anthracite. Each product can be tailored to meet different market requirements with industry pricing for such products ranging from $US68.00 to $US180.00 per tonne. An 85% yield (3.8 million tonnes) of upgraded product is expected from the three current dump sites representing potential revenues in excess $US300million. EESTech will share equally with Cyndara the revenue benefits from the sale of upgraded anthracite products.
EESTech has already commenced negotiations for forward off take agreements with international buyers for the valued output of the project. A detailed bankable project feasibility study is being completed prior to the signing of an unconditional agreement with both parties seeking motivated to initiate construction in Q1 of 2014.
For further information please call Dennis Rutzou on +612-9413-4244.
SOURCE EESTech Inc