Yesterday, Clean TeQ Holdings Limited (ASX: CLQ) released a quarterly update to the market.
While the Clean TeQ share price held steady yesterday and most of today, it has dipped 1.20% in afternoon trade to $0.24. During the past 12 months, Clean TeQ shares have fallen from $0.40 to $0.24 – a 39% drop.
Clean TeQ operates in metals recovery and industrial water treatment through its proprietary Clean-iX continuous ion exchange technology.
What did CleanTeQ report?
During the quarter, Clean TeQ continued work on the Clean TeQ Sunrise Battery Materials Complex (Sunrise Project) in New South Wales. The Sunrise Project is one of the world’s largest and most cobalt-rich laterite deposits.
Once complete, the project should become a globally significant producer of nickel sulphate and cobalt sulphate, which are key cathode materials for the electric vehicle battery market.
Sunrise is also one of the largest and highest-grade scandium deposits in the world, which will position Clean TeQ to be a major supplier of low-cost scandium for production of next generation aluminium alloys for aerospace and automotive markets.
The major focus for the Sunrise Project team during the quarter was progressing its project execution plan in conjunction with Fluor Australia Pty Ltd (Fluor). This scope of work is on schedule to conclude at the end of 2Q 2020.
Works undertaken during the quarter included working on engineering and design of the Sunrise process plant flow sheet with input from external design engineers.
It also included ongoing engineering and design of non-process plant infrastructure including the borefield infrastructure, water supply pipeline and site earthworks and further optimisation of mining scheduling/planning based on test work and geometallurgical modelling.
Over the quarter, the company also continued to progress a range of other activities including on-site installation and commissioning of particulate matter dust monitors. Nine of the 10 required management plans have now been approved by the NSW Department of Planning, Industry and Environment.
Panasonic Corporation Global Procurement Company
In December 2019, Clean TeQ announced a collaboration with Panasonic Corporation Global Procurement Company to develop applications for scandium aluminium alloys for Panasonic Group. The 2 companies also agreed to a binding scandium offtake heads of agreement, for Clean TeQ to supply up to 5 tonnes per annum of scandium oxide from its Sunrise Project in Australia.
In November 2019, the company announced successful customer acceptance of commissioning and handover of a continuous ionic filtration plant in Oman.
Clean TeQ Water is also focused on completing 2 additional key projects at the Fosterville Gold Mine in Victoria, Australia and at a copper-cobalt mine in the DRC.
As at 31 December 2019, the company’s cash balance was $58.0 million.
The post Clean TeQ shares dip on quarterly market update appeared first on Motley Fool Australia.
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