EESTech Submits Final Environmental Impact Assessment

Rhea-AI Summary

On July 14, 2021, EESTech (OTC: EESH) announced the submission of its Environmental Impact Assessment (EIA) for a ferrochrome slag reclamation project in partnership with Samancor Chrome, the largest FeCr producer globally. After 12 months of delays due to COVID-19, EESTech confirms that its environmental engineering firm has completed the necessary documents for government review. Upon approval, EESTech will process over 700,000 tons of FeCr slag annually, aiming to recover up to 99% as concentrate and produce metal for Samancor, while tailings will be marketed under the name ThermaSand.

Positive

• Submission of the EIA marks a critical milestone, paving the way for project approval.
• Potential to process over 700,000 tons of ferrochrome slag annually, indicating strong operational capacity.
• Recovery of up to 99% of FeCr units, enhancing production efficiency.
• ThermaSand offers a new revenue stream through its unique product for foundry and casting markets.

Negative

• The project faced over 12 months of delays due to COVID-19, which could impact timelines and investor confidence.

NEW CASTLE, Del., July 14, 2021 /PRNewswire/ -- In June 2021, EESTech (OTC: EESH) filed Environmental Impact Assessment (EIA) submission for its ferrochrome (FeCr) slag reclamation project being undertaken for Samancor Chrome of South Africa, the world's largest integrated FeCr metals producer.

After more than twelve months of Covid-19 delays, EESTech is able to confirm that EkoInfo, a South African environmental engineering firm and several specialist consultants, contracted by EESTech, have progressed the EIA with all reporting documents now being filed with Government authorities for final project consideration.

The EIA filing marks a significant milestone.

Subject to approval, EESTech will initiate the Samancor project rollout, with financing, engineering, procurement and construction being the next stage of the project.

EESTech will process over 700,000 tons of ferrochrome (FeCr) slag per year, recovering up to 99% of FeCr units as a concentrate to be smelted in EESTech's patent pending Inductosmelt Induction Furnace to produce FeCr metal. Under the terms of agreement any metal produced will be sold to Samancor, with all post process tailings being 100% owned and marketed by EESTech as ThermaSand.

ThermaSand is an inert sand with a unique composition that when upgraded by an EESTech proprietary process into technical grade sand will be sold for application in the foundry, metals casting and geopolymer markets.

About EESTech:

EESTech Inc, promotes Economically Environmentally Sustainable Technologies to the world mining and minerals processing industries. EESTech Inc is publicly traded on the US OTC market, symbol EESH. www.eestechinc.com

Released for EESTech, Inc by Elocal Limited.
Address all media enquiries to: Mykeljon Winckel
eestech-media@elocal.co.nz

Forward Looking Statement:

This media release includes statements that may constitute 'forward-looking' statements. The statements can be identified by phrases such as EESTech, Inc. or its management 'believes' 'forecasts', 'estimates' or other words or phrases of similar import. These statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Similarly, such statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are forward-looking statements. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements. Factors which could cause or contribute to such differences include but are not limited to our ability to recruit and retain key personnel, the availability of funding for future operating requirements, our ability to protect our intellectual property, our ability to secure contracts for the installation of our products and our ability to develop and operate such projects successfully. We urge you to carefully consider these factors and the information detailing other factors (which may cause actual results to differ materially) included in EESTech, Inc.'s press releases and other historical SEC filings. The forward-looking statements are based on current expectations and neither the Company nor its management assumes any obligation to update these statements.

View original content:https://www.prnewswire.com/news-releases/eestech-submits-final-environmental-impact-assessment-301334334.html

SOURCE EESTech Inc.

FAQ

What is the significance of EESTech's Environmental Impact Assessment submission?

The submission marks a crucial step towards the project's approval, essential for moving forward with the ferrochrome slag reclamation initiative.

What are the processing capabilities of EESTech's project with Samancor?

EESTech plans to process over 700,000 tons of ferrochrome slag per year, recovering up to 99% of FeCr units.

What product will EESTech market from the slag processing?

EESTech will market the post-process tailings as ThermaSand, intended for foundry and geopolymer applications.

What challenges did EESTech face before submitting the EIA?

EESTech experienced over a year of delays primarily due to COVID-19 restrictions affecting project progress.

What are the next steps for EESTech following the EIA submission?

If approved, EESTech will move to financing, engineering, procurement, and construction phases for the Samancor project.