Clean TeQ Announces Approval Of Modification 4 For Sunrise Project

  • Dec 20, 2018 AEDT
  • Team Kalkine
Clean TeQ Announces Approval Of Modification 4 For Sunrise Project

Clean TeQ Holdings Limited (ASX: CLQ) is a Melbourne, Australia based company. It is engaged in the recovery of metals and industrial water treatment through its Clean-iX technology. The Clean-iX continuous ion exchange process helps in the extraction and purification of valuable metals from slurries and solutions in an efficient manner.

Currently, the company is developing its Sunrise Nickel Cobalt Scandium Project located in New South Wales. The Clean TeQ Sunrise Project has high prospects of highest-grade nickel and cobalt with the largest deposit outside of Africa and one of the largest and highest-grade scandium deposits in the world.

Today, the company announced the approval of Modification 4 to the Development Application for its Sunrise Project by the New South Wales Independent Planning Commission (IPC).

The modification 4 will help the company in implementing several improvements in optimizing and further de-risking the Sunrise Project by including amendments to the design and layout of the processing plant, and mine plan and general logistics. It also included the diversification of water supply by accessing surface water from the Lachlan River as well as produce ammonium sulphate up to 100,000 tonnes per annum for sale as a by-product. A Definitive Feasibility Study (DFS) was conducted and published on 25 June 2018 which highlighted the same. These changes will make the project effectively respond to the rising global demand for nickel and cobalt.

As per the DFS, The Sunrise Project would generate hundreds of jobs in regional NSW through the construction and operations phase with a huge potential to provide economic and social benefits to the local communities. The mine is expected to have a life of more than 40 years with a positive post-tax NPV of US$1.392 billion and a post-tax IRR of 19.1%.

The management stated that the company already had the approval for development, but now, by advancing through the engineering and financing phases before a targeted commencement of construction in mid-2019, the company has achieved a new milestone.

On 14 December 2018, S&P Dow Jones Indices announced that CLQ would be removed from the S&P/ASX All Australian 200 Index with effect from the open of 24 December 2018.

On 13 December 2018, CLQ signed a Voluntary Planning Agreement (VPA) with the Shire Councils of Lachlan, Forbes, and Parkes, as a step towards working with the host communities ensuring the benefits to be shared among all the shareholders. Under the VPA, the company will fund local initiatives by AU$18 million over the first 21 years of the Sunrise Project.

On 23 October 2018, the company announced its first quarter 2019 results with the cash used in operating activities, investing activities and cash provided by financing activities of AU$8.132 million, AU$10.292 million and AU$141,000 respectively. A cash balance of AU$134.354 million was reported. The company is estimating a cash outflow of AU$22.985 million in the next quarter with Syerston Project cost of AU$19.17 million being the highest.

Over the past one year, the scrip price has declined by 73.1% falling from AU$1.47 at the beginning of the year to 39.5 cents yesterday. Today, the scrip price was down by 5.1%, closing at 37.5 cents.


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