Altona Energy progresses with South Australian pyrolysis deal

(Sharecast News) - Mining and exploration company Altona Energy has taken its first steps to utilise its recently granted exclusive licence of pyrolysis developer Leinad's technology in Australia and China.Altona revealed that further discussions had taken place with an unnamed holder of South Australian coal assets who was interested in applying pyrolysis technology to their project.The mystery party was said to be "very interested" to progress the opportunity and begin work on producing the framework of a joint venture between the two companies.Chief executive Nicholas Lyth, said: "South Australia has closed its conventional coal to electricity generation capacity so it is expected that the state government would be receptive to any future proposal to convert Altona's large coal assets into electricity in a way that meets the appropriate emissions regulations."The AIM-listed firm will be entitled to retain 95% of all revenues generated using the licence, with the remaining 5% passing to the Cypriot firm, which trades under the name GCAT Energy.As of 0840 GMT, Altona shares had shot up 11.11% to 75p.