This payment means all the conditions set out in the intellectual property licence agreement, services agreement and master agreement between the companies, have now been met.
The companies will now continue development of the first joint UCG project after the finish of the joint concept study completed in December.
Exxaro will pay another A$7 million on the completion of the first gasifier passing agreed performance tests as well as ongoing royalties for the synthesis gas produced and equity participation in future projects.
Linc
