By Phil Boeyen, ShareChat Business News Editor
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Thursday 7th February 2002 |
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The company has signed a memorandum of understanding with Victorian-based recycling business DASMA and the Taizhou Municipal Administration of Environmental Sanitation in the deal, with each of the other partners taking a 20% holding.
The joint venture company plans to process over 1000 tonnes per day of municipal solid waste and building and demolition waste into resource, under a 30-year waste processing agreement.
Taizhou is sited on China's south-east coast and the JV will potentially service a population base of over five million people.
Global Renewables chairman, Dr John Hewson, says the opportunity in China is an exciting one.
"Whilst Global Renewables expects to build its first UR-3R Facility at Eastern Creek in New South Wales, projects such as Taizhou will generate significant export earnings for the country".
Global Renewables focuses on providing a sustainable solution for municipal solid waste management and has developed a processing facility that allows waste to be used as a renewable urban resource.
Its UR-3R (Urban Resource - Reduction, Recovery and Recycling) Facilities will take household and commercial solid waste and generate recyclables (plastic, glass, paper and metals), renewable energy, organic growth media and carbon credits.
The GRD subsidiary has an alliance with Hastings Funds Management for the development of eleven UR-3R Facilities in Australia and Asia.
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