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- Clean TeQ (CLQ) has wrapped up the September Quarter, having ticked off major milestones at its Sunrise project and in its water purification business
- The company completed the Project Execution Plan for the Sunrise nickel, cobalt, scandium project in New South Wales
- It also secured an offtake Heads of Agreement for Scandium from the project with Relativity Space
- Meanwhile, the company formally completed a desalination plant for treating mine process water at Kirkland Lake Gold’s Fosterville Gold Mine in Victoria
- The company has launched a review into a possible water business spinoff and a possible delisting from the Toronto Stock Exchange, expected by the end of 2020
- At the end of the quarter, Clean TeQ had a cash balance of $34 million
- Shares gained 1.67 per cent today and closed at 30.5 cents
Clean TeQ (CLQ) has wrapped up the September Quarter, having ticked off major milestones for its Sunrise project as well as in its water purification business.
The metal recovery and industrial water treatment company owns the development ready Sunrise nickel, cobalt, scandium project in New South Wales.
The Sunrise Project
During the quarter, Clean TeQ and Fluor Australia, part of the Fluor global engineering group, completed the Project Execution Plan for Sunrise.
The project will supply material to the lithium-ion battery market and the aerospace, consumer electronics and automotive sectors.
This finalised plan confirmed Sunrise is one of the lowest-cost, development-ready sources of materials for the electric vehicle market.
Meanwhile, the company and Relativity Space signed a binding offtake Heads of Agreement for scandium from Sunrise and formed a collaboration program to develop scandium-aluminium alloys for 3D printing.
Clean TeQ said the COVID-19 pandemic has created difficult conditions in which to secure project financing, however, it is continuing to engage with players in the automotive and mining sectors.
During the period, the company also defined a platinum zone of mineralisation at Sunrise, dubbed Pheonix.
The Water treatment
At the Kirkland Lake Gold’s Fosterville Gold Mine in Victoria, Clean TeQ formally completed and handed over a two million litre-per-day continuous ion exchange desalination plant for treating mine process water.
Corporate
As of September 30, 2020, Clean TeQ had a cash balance of $34 million.
During the quarter, the company also flagged that it is considering a water business spinoff and a possible delisting from the Toronto Stock Exchange.
The review considering both possibilities is expected to be derived by the end of 2020.
Shares gained 1.67 per cent today and closed at 30.5 cents.
