VANCOUVER (Yosefardi) – MicroCoal® Technologies Inc. reported that PT Wijaya Tri Utama (PWTU) has agreed to advance a total of USD $1.32 million pursuant to the Master Coal Upgrade Agreement dated 17th July, 2013 and now amended by agreement of the Parties.
To date, MicroCoal® has received 15% ($900,000) of the contracted price, with the balance of the prepayment being 7% ($420,000) payable by December 23, 2013.
The full contract price is USD $6,000,000 and the balance of the payment is being secured by an irrevocable letter of credit arranged by PWTU.
The facility, now under construction, is located on-site at the PWTU coal-fired power plant on the island of Kalimantan, Indonesia and is designed to upgrade the calorific value of approximately 190,000 tonnes per year of low-rank coal (approximately 8,000 Btu/lb.) to a higher calorific coal (approximately 9,000 Btu/lb.) by removing up to 10% of the total moisture.