DGAP-News: Astra Resources Plc: Astra move forward in acquisition of clean coal conversion technology
(firmenpresse) - DGAP-News: Astra Resources Plc / Key word(s): Market
Report/Miscellaneous
Astra Resources Plc: Astra move forward in acquisition of clean coal
conversion technology
05.04.2012 / 15:00
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Press Release
Astra move forward in acquisition of clean coal conversion technology
Adelaide, Australia - April 4 2012: Astra Energy Technologies Pty Ltd
(AET), a subsidiary of international diversified resource company Astra
Resources Plc (FWB Code: 9AR), has completed the first phase of due
diligence and begun the process of acquiring Interecotech's clean coal
conversion technology.
The initial stage of the acquisition will occur over the next 60 days which
will include the IP pertaining to the technology, along with obtaining
independent reports for global marketing and financing of the commercial
plants. The first set of payments have been completed.
The balance of the acquisition will occur upon the satisfactory completion
of the impending prospectus being issued by AET's parent company, Astra
Resources Plc.
The technology outlines the scientific process required for the manufacture
of Activated Coal Water Fuel (ACWF), and Uniform Activated Coal Water Fuel
(UACWF) based on ultrasonic chemistry activating coal water mixtures so
brown coal behaves as a liquid, which provides cleaner and higher
efficiency combustion in existing coal-fired power stations.
The technology can be used to gasify the fuel to create hydrogen enriched
Syngas, which can be used to manufacture high grade fertilisers and as a
cheaper and environmentally friendly alternative for generating electricity
in IGCC plants.
Interecotech Managing Director Jim Feldman, Astra's Joint Venture partner,
says Astra will be discussing the technology with participants including
representatives of the Victorian Government and Commonwealth Government of
Australia for the first time at the Second International Symposium on the
Sustainable Use of Low Rank Coal, which is being held mid-April in
Melbourne, Australia.
'International participants will attend from Japan, China, the United
States and Germany and, for the first time, be introduced to this ground
breaking technology,' Mr Feldman says.
Astra's coal conversion strategy will enable developing countries with a
heavy reliance on importing costly high quality coal, which is
unsustainable long term, to use locally mined, low quality thermal and
brown coal reserves for power generation, thus significantly reducing
generation costs and resulting in greater energy independence.
Upon completion of the acquisition, AET will retain a 75 per cent stake in
the Joint Venture Company.
Astra Resources' global portfolio includes gold interest in Southeast Asia,
coal mine in Africa, iron ore in India, Norway and the Philippines, the
production of the high-strength T-Steel technology in Hungary,
carbon-efficiency businesses and the provision of mining services housing
in Rockhampton, Queensland.
For more information visit www.astraresources.co.uk
ENDS
For all media enquiries contact
Bruce Nelson +61 (0) 423 403 449 (bruce(at)zakazuhka.com)
Caitlin Petrou +61 (0) 402 823 343 (caitlin(at)astraresources.com.au)
Disclaimer in regards to Forward-looking Statements
Certain statements included herein, including those that express
management's expectations or estimates of our future performance constitute
'forward-looking statements' within the meaning of applicable securities
laws. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management
at this time, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Investors are cautioned not to
put undue reliance on forward-looking statements. Except as required by
law, Astra Resources PLC does not intend, and undertakes no obligation, to
update any forward-looking statements to reflect, in particular, new
information or future events.
End of Corporate News
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