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Clean TeQ seeks equity partner for Sunrise nickel-cobalt project

Clean TeQ Holdings Ltd. is looking for a partner to help fund the equity part of the US$1.49 billion capital costs for the Sunrise nickel-cobalt project in New South Wales, Australia, MiningNews reported March 21.

CEO Sam Riggall told an industry conference in Perth that the interest the company is getting is mostly from battery-makers and automakers to partner for project-level off-take agreements.

The company secured A$500 million debt in indicative commitments from four banks, and Riggall is hopeful that this number will grow following a company visit to China.

The company selected Metallurgical Corp. of China Ltd. as the project delivery partner, which is completing advanced engineering while the parties negotiate a fixed-price engineering, procurement and construction contract.

The total expenditure on Sunrise by Clean TeQ and the previous project owners is estimated to be between A$200 million and A$250 million even before the start of construction, according to MiningNews.

The project is fully permitted and shovel ready.

A 2018 definitive feasibility study for the Sunrise project pegged a posttax net present value of US$1.39 billion based on an 8% discount rate, a 19.1% internal rate of return and payback of 4.3 years.