For the full-year financial statements of 30 June 2020 based on a preliminary review, Clean TeQ Holdings Limited (ASX: CLQ) plans to record a non-cash write-down of the carrying interest of its Sunrise Project and project-related investments of about A$180 million. Details include:
- PEP workscope includes a thorough re-estimation of the project’s capital development expense, including latest engineering and design.
- Though the partnering process will continue, the target time for completion of any transaction is not possible due to Covid-19 disturbances.
- Strong outlook for Nickel and Cobalt into the global EV supply chain, keeps the company optimistic for developing the project.
- The write-down would affect the valuation of the Sunrise Project's discovery and evaluation asset and other related properties.
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