China Keli Provides Further Corporate Update on Take-Over Target PT Hydrotech Metal Indonesia
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2022) - China Keli Electric Company Ltd. (TSXV: ZKL.H) (the "Company" or "China Keli") is pleased to provide a further corporate update on PT Hydrotech Metal Indonesia ("HMI"), the acquisition target of the Company's proposed reverse take-over transaction (the "Transaction").
HMI is pleased to announce that PT STAL Ecopark Pratama ("SEP"), a wholly-owned subsidiary of HMI, announced on August 19, 2022, that it had signed a cooperation agreement with the WIKA - ETI Consortium, which was formed by PT Wijaya Karya (Persero) Tbk. ("WIKA") and PT Enviromate Technology International ("ETI"), for the design, engineering, procurement, construction, start-up, testing, and commissioning of the STAL One Ecopark ("STAL One") in Citeureup, Bogor, in the greater Jakarta area of Indonesia.
The STAL One processing plant is planned to start construction in Q4 2022, with completion expected in Q4 2024. The site will not only produce 2,450 tpa of nickel but will also become HMI's main R&D facility to conduct research and development of new STAL applications and downstream materials technology for nickel and nickel by-products. STAL One's feasibility and licensing have already been completed, and HMI expects the financing component to be finalized soon.
WIKA is a large Indonesian state-owned company engaged in the construction and EPC sector with experience constructing nickel smelters. ETI is an environmental technology company focused on natural gas infrastructure development, natural gas transportation, renewable energy, and independent power production operations.
"We are excited to see the progress HMI is making with the development of its STAL One Ecopark and IGNITE Ecopark projects", said Philip Lo, CEO of China Keli. "The development of these two projects adds tremendous value to HMI and de-risks its business model moving forward. HMI has received strong government support in all facets of operations, from technological validation to land acquisition, permitting, construction, and infrastructure. We look forward to completing our transaction with HMI and launching the next phases of these projects as our STAL processing facilities move towards construction and production. We are also pleased to hear that the Indonesian government will be showcasing HMI and its STAL nickel processing capabilities as an "Indonesian National Technological Innovation" at the upcoming G20 summit in Bali this coming November."
About China Keli
China Keli is currently without an active business and is listed on the NEX Board of the TSX Venture Exchange.
HMI is an emerging technology company domiciled in the Republic of Indonesia, and a subsidiary of the Trinitan group of companies. HMI's proprietary Step Temperature Acid Leach ("STAL") Technology enables flexible and scalable processing of nickel in an innovative, highly-efficient, and environmentally-friendly manner. It operates at safer atmospheric pressure, eliminating the need for expensive high-pressure autoclaves and associated infrastructure, significantly lowering the capital intensity and operating costs compared to other current technologies. STAL Technology also provides a net zero waste solution, negating the current, and controversial, smelter waste disposal methods such as tailings dams, deep-sea tailings, and dry-stack tailings that are prevalent within today's nickel mining industry.
Developed over 15 years of research and development, HMI's STAL Technology is a Class 1 Nickel extraction breakthrough technology that produces Mixed Hydroxide Precipitate ("MHP") nickel for use in the rapidly growing, nickel-based, electric vehicle battery market. The industry is currently facing a rapidly growing supply deficit.
Indonesia has the largest untapped supply of nickel laterite deposits in the world. STAL Technology allows nickel mining and smelting operations to start small and expand easily due to its modular design that is ideally suited to Indonesia's low-grade laterite ore and small-scale mining operations. STAL Technology can easily be applied at nickel mines in other parts of the world to accommodate the growing demand for Class 1 Nickel production. HMI is also developing a robust Green PLUS certification program to ensure ESG compliance for all of HMI's nickel products across its value chain.
HMI was incorporated under the laws of Indonesia on August 5, 2020, and acquired the STAL Technology from PT Trinitan Metals and Minerals Tbk.
The Trinitan group of companies is a global and socially conscious family-owned operation that spans multiple public and private entities involved in the metals, minerals, energy storage, solar, and renewable energy segments in Indonesia and around the world.
For further information, please contact:
CHINA KELI ELECTRIC COMPANY LTD.
Philip Lo, Chief Executive Officer
Tel. No.: (852) 5138 1632
Investors are cautioned that, except as disclosed in the management information circular or listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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