Clean TeQ Holdings Limited has confirmed that it has commenced a partnering process for its wholly-owned Sunrise nickel, cobalt and scandium project at Fifield.
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The announcement follows numerous inbound enquiries from a range of parties in the electric vehicle supply chain in relation to both project level ownership, long-term offtake and other financing arrangements.
Following preliminary discussions with a range of parties, Macquarie Capital has been appointed to run a partnering process for Clean TeQ to consider divesting an interest of up to 50% in the Sunrise Battery Materials Complex, in combination with long-term off-take.
Once in production, Sunrise will be one of the world's largest integrated suppliers of high purity battery grade nickel sulphate and cobalt sulphate, the key raw materials in the production of cathodes for lithium-ion batteries.
It will also provide one of the largest and most secure sources of cobalt supply outside of Africa.
Mr Sam Riggall, Chief Executive Officer of Clean TeQ, said: "Clean TeQ is delighted to be working with Macquarie Capital to finalise the funding for the Sunrise Battery Materials Complex".
"With approximately $150 million invested by Clean TeQ in the project to date, a solid foundation has been built for the successful and rapid delivery of this project," Mr Riggall said.
"Critically, Sunrise is unique among nickel laterite projects given its high cobalt content, low acid consuming elements, simple mining operations and favourable location within a safe and established mining jurisdiction."
The Sunrise Battery Materials Complex is one of the few development-ready large-scale nickel and cobalt assets in the world.
Clean TeQ has made significant progress in moving the Sunrise Battery Materials Complex towards construction. Clean TeQ intends to conclude the partnering process in the second half of 2019 to align with a final investment decision planned for the fourth quarter, 2019.