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Global Car Industry Awakens to the Sunrise of a Green Metals Age
Resumption of Electric Agent Sales Advance to Drive Unprecedented Appeal for Nickel and Cobalt
Preliminary Abstraction After-effects Confirm Long Life, Low Cost, Development Ready Asset
Clean TeQ Absolutely Committed to Sunrise Development for Auto Accumulation Chains
MELBOURNE, Australia, Aug. 27, 2020 (GLOBE NEWSWIRE) — Co-Chairman, Robert Friedland, and CEO, Sam Riggall, of Clean TeQ Holdings Bound (Clean TeQ or Company) (ASX/TSX:CLQ; OTCQX:CTEQF) board the afterward amend on the Sunrise Nickel-Cobalt-Scandium Project.
ELECTRIC VEHICLE MARKET UPDATE
Despite cogent bread-and-butter ambiguity created by COVID-19, all-around electric agent sales surged in June and July and are, again, aback to a advantageous advance trajectory, accurate by government action initiatives beyond the world.
Offsetting the abatement in Chinese electric agent sales in the aboriginal bisected of 2020, European sales accept been decidedly strong, as carmakers acclimate to absolution a cardinal of new electric models to the market. For the aboriginal time, Europe overtook China as the world’s bigger market, with over bisected a actor constituent electric cartage awash in the aboriginal bisected of 2020. Governments beyond Europe are introducing bang affairs that will board drive for electric agent acceptance in the deathwatch of COVID-19, accurate by a mix of abbreviating emissions standards and subsidies to drive customer demand.
These initiatives are accepted to aftereffect in appeal airy acerb in 2021. Benchmark Minerals, a arch industry diviner for the array abstracts sector, anticipates all-around array appeal to ability about 800 GWh by 2025 (166 GWh in 2020), with a 37% CAGR, acute nickel burning in batteries to abound from 140kt in 2020 to 570kt in 2025.
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In response, we accept apparent carmakers actively restructuring their businesses and accumulation chains to board the new absoluteness of electrification. Auto companies are advance to defended array accomplishment accommodation and adequacy (for example, Volkswagen’s accretion of a 26.5% pale in Chinese array architect Guoxuan High-Tech Co Ltd). Similarly, OEMs – such as Tesla and BMW – are appliance anon with mining companies to defended raw abstracts from low accident jurisdictions that accommodated minimum ethical and sustainability criteria. The bright trend is to accretion affiliation beyond the accumulation chain.
On the accumulation ancillary for raw materials, COVID-19 has pushed aback and delayed several China-financed nickel developments in Indonesia due to a aggregate of labour constraints in architecture and, in some cases, association opposition. Alfresco Indonesia, about no new nickel accommodation is actuality developed. While azure markets abide able-bodied balanced, the Mutanda abundance in the DRC, which represents 20% of apple capacity, charcoal in affliction and aliment due to low azure prices, while barter actively seek non-DRC accumulation options.
“We are sitting at the bottom of an astronomic beachcomber that is acquisition momentum,” said Mr Friedland. “The alteration to cleaner and added able forms of activity is inexorable. It consistently has been. What is rarely accepted is the abstruse appulse these transitions accept on accumulation chains and raw materials. In renewable energy, the all-around mining industry has yet to appreciate the calibration of the claiming it faces. And, at atomic for now, it fails to appreciate the cardinal acceptation of assets, like Sunrise, that are analytical to enabling these new activity technologies.
“Sunrise is a arrangement for how you body the abundance of the approaching for emerging, technology-driven, markets. If a aggregation like Tesla can acutely clear its apropos – ‘please abundance added environmentally-friendly nickel’ – it’s now for the mining industry to actuate whether it can bear a solution.”
SUNRISE INTERIM STUDY RESULTS
As ahead advised, the Aggregation will absolution the final outcomes for its Activity Execution Plan (PEP) at the end of September 2020, including a abounding bread-and-butter appraisal of the Project. It will absorb the latest engineering and architecture assignment based on adapted absolute quantities, bell-ringer appraisement and labour costs.
In the Company’s FY20 full-year banking results, a assay of the accustomed amount of the Sunrise Activity assets was undertaken, constant in an impairment. The assay was based on a best appraisal of apparent outcomes from the studies currently underway and congenital bourgeois macroeconomic assumptions, including anticipation metal prices, as adapted by applicative accounting standards. Those macroeconomic assumptions included a 15% nominal post-tax abatement amount and anticipation prices of US$7.30/lb for nickel, US$21.60/lb for cobalt, US$1,500/kg for scandium oxide and an AUD/USD amount of 0.70. As flagged in the Company’s absolution of 31 July 2020, the acceptable college basic development amount and best development agenda additionally impacted abnormally on the assay of the accustomed amount of the assets.
Despite the accounting impairment, the Aggregation charcoal acutely assured that Sunrise is an awfully altered and cardinal asset whose inherent amount is not based on its book value, but on its large-scale, long-life resource, its low amount of assembly and its awful advantageous sustainability accreditation compared to added abeyant sources of supply.
When the final outcomes of the PEP are appear in backward September 2020, the Aggregation will abject the Project’s bread-and-butter assay on assumptions constant with bazaar assemblage and metal amount forecasts by a third-party absolute expert. These amount forecasts will reflect the prices adapted to incentivise new projects to amuse anticipation demand. It is account acquainted that absolute abiding amount forecasts for nickel and azure accept about adequate over the accomplished year due to a arduous accumulation outlook, bigger aplomb in electric agent uptake and an accretion acquaintance of accretion risks.
The key bread-and-butter assumptions to be adopted in the Project’s banking appraisal will be:
Discount amount (2020 real)
Long-term nickel sulphate amount (USD/t NiSO4)
Long-term LME nickel metal agnate amount (USD/t Ni)
Long-term azure sulphate amount (USD/t CoSO4)
Long-term LME azure metal agnate amount (USD/t Co)
Scandium oxide amount (USD/kg)
Note: Prices quoted are in 2020 absolute terms. LME nickel metal agnate amount excludes a $1/lb Ni sulphate premium. Assumes a 22% nickel metal agnate agreeable in NiSO4 and a 20.5% azure metal agnate agreeable in CoSO4.
Based on these bread-and-butter assumptions the banking outcomes of the PEP are accepted to abide absolute robust, accession the Sunrise asset as one of the everyman amount producers of nickel and azure in the world.
The accepted best estimates for the Activity over the aboriginal 25 years of abundance life, which formed the base of the crime test, are abundant below. Note that the PEP deliverables are not yet complete, and these estimated outcomes may be accountable to absolute change by the time final after-effects are appear in backward September 2020.
The accepted best appraisal of the pre-production basic development amount is about US$1.99 billion, including contingency. This represents an about one-third admission on the 2018 DFS estimate, apprenticed by a cardinal of factors:
Engineering and architecture ambit changes to de-risk the bulb and acknowledging infrastructure, and to ensure acknowledged ramp-up.
Variations to abstracts of construction, designs to enhance affluence of admission for bulb aliment and increases in accessories back-up at key action interfaces.
Updating the refinery architecture to accredit adorning of primary, average and accessory (recycled) metal.
Construction of a best ability band from the bounded centre of Parkes to site. The affiliation to the NSW electrical filigree at Parkes is an important enabler for accouterment options for 100% renewable ability supply.
Escalation of aberrant costs, decidedly schedule-dependent assumptions such as labour ante and productivity, architecture alignment and workforce requirements.
The accepted appraisal of basic acuteness for Sunrise has been benchmarked, appliance about accessible data, adjoin the architecture amount and absolute assembly accommodation of a cardinal of auspiciously operating nickel/cobalt plants of agnate calibration in Australia, Philippines, Cuba and Papua New Guinea. While Sunrise’s basic intensity, at US$56k/t Ni-equivalent, sits at the college end of that commensurable range, it is account acquainted that the Activity incorporates a cardinal of safety, ecology and operability architecture appearance that differentiate it essentially from added assets in the industry.
The accepted best appraisal of mining, processing, assembly and sales forecasts are:
Average AnnualYears 2-11
Average AnnualYears 2-25
Ore mined (tonnes)1
Ore comminute augment (tonnes)2
Nickel grade: comminute feed
Cobalt grade: comminute feed
Ore PAL augment (tonnes)
Nickel grade: PAL feed
Cobalt grade: PAL feed
Nickel recovery: PAL feed
Cobalt recovery: PAL feed
Production and Sales
Average AnnualYears 2-11
Average AnnualYears 2-25
Nickel Sulphate (tonnes)
Cobalt Sulphate (tonnes)
Nickel metal agreeable (tonnes)
Cobalt metal agreeable (tonnes)
Scandium recovered as Sc(OH)3 (Kg)3
Scandium oxide awash (Kg)4
Ammonium sulphate (tonnes)
1 The optimised abundance plan involves stockpiling of average absolute in aboriginal years for processing in afterwards years.
2 Ore is beneficiated to abolish arid silica above-mentioned to actuality alien to the autoclave.
3 Scandium is recovered as a by-product of nickel and azure assembly initially as a scandium hydroxide apply which is stored on-site until adapted for about-face to scandium oxide. The abstracts quoted are scandium oxide (Sc2O3) equivalent.
4 Scandium hydroxide stored on-site is aesthetic and awash to order. The Aggregation has affected sales of scandium oxide will ramp-up progressively from 2 tonnes per annum in year 3 to 20 tonnes per annum by year 10.
Sunrise is advised to bear some of the everyman amount metal units into the all-around array accumulation chain. Accurate by an chip mining/refining operation and able by-product credits, Sunrise is targeting aboriginal quartile nickel assembly costs over its 40-year abundance life.
The accepted best appraisal of the Project’s operating costs, which are accountable to on-going afterlight through the achievement of the PEP phase, are:
Production and Sales
US$/lb NiYears 2-11
US$/lb NiYears 2-25
C1 Operating Costs (before by-products)
Ammonium Sulphate Credits
Total By-product credits
Total C1 amount net of by-product credits
Note: By-product credits based on US$59,512/t Co (metal equivalent), US$1,500/kg Sc2O3 and US$130/t amsul.
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Work continues to optimise the architecture and ramp-up schedule. The accepted best appraisal charcoal an engineering, accretion and architecture agenda from signing of an EPCM arrangement to aboriginal assembly of about three years, followed by a 24-month ramp-up to abounding production.
FUNDING AND DEVELOPMENT
COVID-19 has presented difficult altitude for banking markets and challenges for allotment new projects. Pleasingly, though, assurance with the automotive area on Sunrise charcoal on-going, admitting these challenges.
It will booty time for automotive accumulation chains to acclimate to a new reality. Some OEMs are authoritative that alteration faster than others and some, like Tesla, are alpha to accept the abomination of the raw absolute challenges, decidedly for nickel and cobalt.
At some point, cogent investments charge to be fabricated in new mining accommodation if electric cartage are to become annihilation added than a alcove market. To date, at atomic in nickel and cobalt, the mining industry has not been able to accomplish that investment.
While the timing for achievement of a transaction is not accessible to forecast, Clean TeQ will abide to appoint with abeyant ally beyond the accumulation chain.
As Mr Riggall noted, “We are absolutely committed to developing Sunrise. We are additionally able to be accommodating and to delay for bazaar altitude to improve. We accept been acutely focused the accomplished few years, commutual a absolute affairs of analysis assignment and studies, accepting key activity approvals and accepting the resource. The aftereffect is a construction-ready, multi-decade asset bearing some of the everyman amount nickel and azure units in the industry, advised to abutment able-bodied over 1 actor electric cars per year.”
Following absolution of the final PEP abstraction after-effects at the end of September, the Aggregation will host a webcast for investors to assay the Sunrise abstraction results.
UPDATE ON FUTURE SITE EXPLORATION ACTIVITIES
In advancing weeks, the Aggregation will amend the bazaar on a assignment affairs advised to analysis the added mineral abeyant of Sunrise. While the Sunrise laterite hosts over 1,000,000 ounces of platinum,5 no conduct attack has anytime been undertaken to analysis the antecedent of this metal beneath the laterite.
5 For abounding capacity see the ASX advertisement anachronous 9 October 2017
As Mr Friedland noted, “It is difficult to anticipate of a bigger accommodation assignment ambition in Australia than the Sunrise dunite, with over one actor ounces of platinum already authentic at apparent and a scattering of celebrated assignment holes intercepting aerial brand platinum in bedrock, but never abundantly followed up. The Sunrise ability may accept a lot added to give.”
For added information, amuse contact:
Ben Stockdale, CFO and Investor Relations 61 3 9797 6700
This advertisement is authorised for absolution to the bazaar by the Board of Directors of Clean TeQ Holdings Limited.
About Clean TeQ Holdings Bound (ASX/TSX: CLQ) – Based in Melbourne, Australia, Clean TeQ is a all-around baton in metals accretion and automated baptize analysis through the appliance of its proprietary Clean-iX® connected ion barter technology. For added advice about Clean TeQ amuse appointment the Company’s website www.cleanteq.com.
About the Clean TeQ Sunrise Activity – Clean TeQ is the 100% buyer of the Clean TeQ Sunrise Project, amid in New South Wales. Clean TeQ Sunrise is one of the bigger azure deposits alfresco of Africa, and one of the bigger and highest-grade accumulations of scandium anytime discovered.
About Clean TeQ Baptize – Through its wholly endemic accessory Clean TeQ Water, Clean TeQ is additionally accouterment avant-garde wastewater analysis solutions for removing hardness, desalination, comestible abatement and aught aqueous discharge. The sectors of focus accommodate borough wastewater, apparent water, automated decay baptize and mining decay water. For added advice about Clean TeQ Baptize amuse appointment www.cleanteqwater.com.
Certain statements in this account absolution aggregate “forward-looking statements” or “forward-looking information” aural the acceptation of applicative balance laws. Such statements absorb accepted and alien risks, uncertainties and added factors, which may account absolute results, achievement or achievements of the Aggregation or industry results, to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements or information. Such statements can be articular by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and added agnate terminology, or accompaniment that assertive actions, contest or after-effects “may”, “could”, “would”, “might” or “will” be taken, action or be achieved. These statements reflect the Company’s accepted expectations apropos approaching events, achievement and results, and allege alone as of the date of this new release.
Statements in this account absolution that aggregate advanced statements or advice include, but are not bound to, statements regarding: the achievement of the Sunrise Activity Execution Plan; costs of the Sunrise Project; the angle for electric agent markets and appeal for nickel and cobalt; the EPCM and ramp-up agenda and basic development amount for the Sunrise Project; assembly volumes and assembly amount and sustainability of Sunrise metal production. Readers are cautioned that absolute after-effects may alter from those presented. All such advanced advice and statements are based on assertive assumptions and analyses fabricated by Clean TeQ’s administration in ablaze of their acquaintance and acumen of absolute trends, accepted altitude and accepted approaching developments, as able-bodied as added factors administration accept are adapted in the circumstances. These statements, however, are accountable to a array of risks and uncertainties and added factors that could account absolute contest or after-effects to alter materially from those projected in the advanced advice or statements including, but not bound to, abrupt changes in laws, rules or regulations, or their administration by applicative authorities; the abortion of parties to affairs to accomplish as agreed; changes in article prices; abrupt abortion or blemish of infrastructure, or delays in the development of infrastructure, and the abortion of analysis programs or added studies to bear advancing after-effects or after-effects that would absolve and abutment connected studies, development or operations. Added important factors that could account absolute after-effects to alter from these advanced statements additionally accommodate those declared beneath the branch “Risk Factors” in the Company’s best afresh filed Annual Advice Form accessible beneath its contour on SEDAR at www.sedar.com.
Readers are cautioned not to abode disproportionate assurance on advanced advice or statements.
Although the advanced statements independent in this account absolution are based aloft what administration of the Aggregation believes are reasonable assumptions, the Aggregation cannot assure investors that absolute after-effects will be constant with these advanced statements. These advanced statements are fabricated as of the date of this account absolution and are especially able in their absoluteness by this cautionary statement. Accountable to applicative balance laws, the Aggregation does not accept any obligation to amend or alter the advanced statements independent herein to reflect contest or affairs occurring afterwards the date of this account release.
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