Sunrise battery materials project reaches key development milestone

Co-Chairman, Robert Friedland, and CEO, Sam Riggall, of Clean TeQ Holdings Limited, Notting Hill, Australia, (ASX/TSX:CLQ; OTCQX:CTEQF) have announced the achievement of a key milestone in the Sunrise Battery Materials Project – completion of the Sunrise Project Execution Plan (‘PEP’).

Undertaken by an integrated Clean TeQ and Fluor Australia Pty Ltd project delivery and engineering team, the PEP updates the 2018 Definitive Feasibility Study (‘DFS’), incorporating revised cost estimates, design and engineering work to date, as well as a revised master schedule for the engineering, procurement, construction, commissioning and ramp-up of the Project.

The PEP outcomes confirm Sunrise’s status as one of the world’s lowest cost, development-ready sources of critical battery raw materials. In production it will be a major supplier of nickel and cobalt to the lithium-ion battery market, and scandium to the aerospace, consumer electronics and automotive sectors.

For the automotive sector, the Sunrise refinery is designed to produce enough high quality nickel to support the production of up to approximately 1,000,000 electric vehicles per annum, with cobalt production sufficient to support up to 2,000,000 EVs per annum.

Clean TeQ Co-Chairman Robert Friedland stated, “Auto supply chains are coming to realise they are playing a game of nickel and cobalt musical chairs. We are half-way through the second verse and the music will eventually stop.”

“We have a clear vision for how to create a sustainable auto supply chain of the future. Our team is proud to present that vision today. Sunrise is a long-life, low-cost, development-ready asset which is a template for consistent, sustainable and auditable nickel and cobalt supply. We cannot anticipate how long it will take to have the project funded and in development, but we can be patient with such a strategically important asset, and we are fully committed to ensuring it is developed with partners who understand the value that responsible supply chain integration brings.”

Clean TeQ CEO, Sam Riggall will host Clean TeQ’s Battery Metals Day via webcast to discuss battery materials market developments and the PEP results for analysts, investors and media at 11.30am AEST Thursday 1st October 2020.

Full press release HERE

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