Carbon Energy signs UCG deal in China
PERTH (miningweekly.com) – ASX-listed Carbon Energy has signed a memorandum of understanding (MoU) and definitive technology services agreement to become the exclusive underground coal gasification (UCG) technology partner for a government-approved project in China.
Under the MoU, Carbon Energy would set up a UCG demonstration plant on the Haoqin coalfield, in inner Mongolia, which belongs to the Zhengzhou Coal Industry Group (Zhengmei Group).
The proposed demonstration and commercial-scale project would be fully funded by the Zhengmei Group and would make use of Carbon Energy’s UCG technology.
The coalfield covers some 184 km2 and has a 3.1-billion ton coal resource.
“The project is a very exciting development for the company and continues to build on our strategic direction to be the UCG technology of choice and to licence our UCG technology worldwide,” said Carbon Energy’s acting CEO Morne Engelbrecht.
“We expect the project to not only provide solid cash flows from licensing our keyseam UCG technology and providing ongoing technology services, but, most importantly, to establish our technology in China,” he said.
Carbon Energy would earn a A$10-million technology licence fee payable on the success of the demonstration project and technology services fees for the duration of the project.
Ongoing royalties would also be paid once revenue is generated from the projects.
The company would earn a further A$100 000 in technology services fees for the initial site characterization and UCG suitability study over the next few months.
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