Clean TeQ Holdings Ltd. said June 4 that it tapped Macquarie Capital to launch a process to divest up to a 50% interest in its Sunrise nickel-cobalt-scandium project in New South Wales, Australia, in tandem with the signing of a long-term off-take deal.

CEO Sam Riggall said in March at an industry conference in Perth that the Australia-listed base metals explorer was seeking a partner to help fund the equity portion of the US$1.49 billion capital costs required for the project.

In a same-day Reuters report, CFO Ben Stockdale said the company is open to having more than one partner in developing the Clean TeQ Sunrise operation.

The process is due for completion in the second half, in line with a final investment decision targeted for the fourth quarter. Construction at the project will follow after the final investment decision.

A 2018 definitive feasibility study 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.