CleanTeQ preps Sunrise project for construction

CleanTeQ’s (TSX: CLQ; US-OTC: CTEQF) Sunrise nickel, cobalt and scandium project in Australia is one step closer to becoming a significant producer of nickel and cobalt sulphate for the lithium-ion battery market. A definitive feasibility study modeling only the first 25 years of production confirmed life-of-mine revenues of over US$14 billion, annual earnings before interest, taxes, amortization and depreciation (EBITDA) of US$344 million (peaking at US$550 million in years when the operation is running at maximum production rates), an after tax net present value at an 8% discount rate of nearly US$1.4 billion and a post-tax internal rate of return of 19%. The permitted project, 370 km west of Sydney, is one of the largest undeveloped cobalt projects outside of Africa and has sufficient ore reserves of all three metals to last beyond 40 years. Initial life-of-mine production is expected to total 450,871 tonnes of nickel, 84,007 tonnes of cobalt and 250 tonnes of scandium oxide. Continue reading at The Northern Miner.