Cummins Inc has agreed to recall about 500,000 medium- and heavy-duty trucks in the United States to correct a faulty emissions control system in the engines it made for the trucks, the U.S. Environmental Protection Agency said on Tuesday.
New findings presented last week at the 22nd International AIDS Conference reveal how President Donald Trump’s expansion of the so-called global gag rule — which restricts US health assistance funding to non-US NGOs that offer abortion services — is likely to have widescale negative effects on the fight against the HIV/AIDS epidemic.
FOLLOWING the drama around their last tour, Basketball Australia has announced its next Boomers squad, and it features one of the country’s up-and-coming NBA prospects.
Boomers veterans like Kevin Lisch, Chris Goulding, and Brad Newley headline the squad — though Goulding will be ineligible for one game — but the most interesting name was the one at the bottom of the list.
Josh Green, a 17-year-old out of Sydney, who’s currently playing high school basketball at Florida’s IMG Academy, was named to the 24-man roster. Green is an athletic guard, widely considered to be drafted in the first round of the 2020 NBA Draft.
Watch every Australian game of the FIBA World Cup Qualifiers exclusively live on FOX SPORTS. SIGN UP NOW >
The squad of mostly NBL players also featured Jock Landale, the young big-man who just signed with KK Partizan., as well as Daniel Johnson, whose previous omissions from the national program has been somewhat unexplained.
‘I WAS EXPECTING YEAR’: HEAL TEES OFF ON BASKET-BRAWL SANCTIONS
‘CA$E CLOSED’: BOGUT’S CORRUPTION DIG AMID AUSSIE OUTRAGE
Australia had already qualified for the next phase of the 2019 FIBA World Cup Qualifying process when they faced the Philippines on July 2 — resulting in an unfortunate all-out brawl — and their 5-1 record will carry over to the second stage.
The Boomers will travel to Qatar for a game on September 13, before travelling back to Australia for a game against Kazakhstan, to be played in Bendigo on September 17.
“We are obviously pleased to have completed stage one of qualifying on top of our group – this puts us in a strong position as we now enter stage two of the qualifying process,” Boomers Head Coach, Andrej Lemanis, said.
“The challenge continues and we all look forward to continuing to work together and grow as a team”
“As a coach I feel extremely fortunate to have the privilege of working with such tremendous people”
Other headliners in the squad include: Mitch Creek, who will spend training camp with the Brooklyn Nets, as well as Cameron Bairstow, the former short-lived Chicago Bull who is coming off a long-term knee injury.
AUSTRALIAN BOOMERS SQUAD
Kevin Lisch — Sydney Kings
Mitch Norton — Perth Wildcats
Cameron Gliddon — Brisbane Bullets
Christopher Goulding* – Melbourne United
Mitchell Creek — Brooklyn Nets training camp roster
Todd Blanchfield — Illawarra Hawks
Brad Newley — Sydney Kings
Alex Loughton — Cairns Taipans
David Barlow — Melbourne United
Angus Brandt — Perth Wildcats
Nicholas Kay — Perth Wildcats
Mitchell McCarron — Melbourne United
Matthew Hodgson — Brisbane Bullets
Jock Landale — Partizan
Craig Moller — Melbourne United
Nathan Sobey — Adelaide 36ers
Adam Gibson — Brisbane Bullets
Jason Cadee — Brisbane Bullets
Jesse Wagstaff — Perth Wildcats
Daniel Johnson — Adelaide 36ers
Anthony Drmic — Adelaide 36ers
Damian Martin — Perth Wildcats
Cameron Bairstow — Brisbane Bullets
Joshua Green IMG — Academy USA
* Ineligible for game one
Olgun Uluc covers basketball for Fox Sports Australia. Twitter: @OlgunUluc
Dr. John L. Faessel
ON THE MARKET
Commentary and Insights
Now on Sale!
If you believe the age old investment maxim “buy low sell high” or if you’re a believer that insider buys are a ‘tell’; then listen up!
The best of the world’s cobalt asset class (and nickel too, and more besides that) is selling at a bargain price, IMO… I’ve added to my position and so has the company’s Co-Chairman of the Board and largest shareholder …
Two insider buys by legendary natural resource investor and billionaire Robert Friedland* who has said: “If I would buy one metal, I would buy cobalt.” I recently attended a conference in Canada where Friedland was the keynote speaker. **
See recent press:
1.On July 2nd 2018 Clean TeQ advised that Robert Friedland, its largest shareholder and Co-Chairman, has increased his holding in Clean TeQ to 12.91% through the on-market acquisition of 1,385,830 shares at a price of approximately A$0.92 per share.
2.On July 5th 2018 Clean TeQ advised that Robert Friedland, its largest shareholder and Co-Chairman, has increased his holding in Clean TeQ to 12.98% through the off-market acquisition of 696,178 shares at a price of approximately A$0.80 per share.
Clean TeQ owns 100% of the Clean TeQ Sunrise Project one of the largest and highest grade sources of cobalt outside Africa.
Clean TeQ Holdings – CLQ.ASX: $0.685 OTCQX: CTEQF $0.515
Market-cap – USD $383 million
This report is extensive and “unpacks” the story of Clean TeQ by focusing on three key metals over which it presides as a near-future strategic Must-Go-To: COBALT, NICKEL, AND SCANDIUM.
First, Think Cobalt
Cobalt is an indispensable material for today’s and tomorrow’s energy storage applications and is crucial in improving the longevity and safety of lithium-ion batteries. It’s also, by far, the hardest to come by. Unless you have been living in a cave you likely know that the electric vehicle [EV] is the wave of the future in automotive circles and is the market driver of new age battery deployment and battery metal usage.
·Benchmark Mineral Intelligence’s megafactory tracker listed 26 battery cell factories either in production or to be in production by 2021 to feed the coming demand (as of December 2017). Recently BMW ordered $1 billion in EV batteries from China’s CTAL, their biggest battery manufacturer.
·One man, Joseph Kabila, despot President of the Democratic Republic of the Congo [DRC] ultimately controls about 70% of the world’s cobalt production; imagine his potential to disrupt the cobalt market.***
·Cobalt supply is currently at 100 kilotons, but by 2030 the EV industry alone will approximately need 300 kilotons—a 300% increase from current supply.
·China has been strategically stockpiling cobalt since 2015 and controls 60% of refined cobalt production.
·Cobalt at the London Metals Exchange sells for $70,000 a tonne.
·Clean TeQ’s Sunrise’s resource now holds 101 million tonnes at 0.13% Co for contained cobalt metal of 132,000 tonnes.
·Clean TeQ just released Definitive Feasibility Study [DFS] estimates of cobalt sulphate production: 400,000 tonnes (contained-cobalt metal equivalent 84,000 tonnes over the initial 25-year mine life). The DFS states that there are sufficient ore reserves to extend beyond 40 years.
In $ total: The DFS financial model is based on a 2.5 million tonnes per annum [Mtpa] ore throughput rate and initial mine life of 25 years. On this basis, Clean TeQ Sunrise will deliver in excess of US$14 billion in life of mine (LOM) revenue and approximately US$8.6 billion in life of mine [LOM] EBITDA.TheDFS conservatively caps scandium sales at 10 tonnes per year for the life of mine. The DFS also states that scandium production can readily be expanded at Sunrise to 160 tonnes per year.
Recently shares of Clean TeQ took a major market tumble after they published their Definitive Feasibility Study (DFS). The stock has been basically cut in half. Opportunity knocks—IMO, there are no negative or hidden factors in the study and the market has had a huge negative overreaction. Points of fact: the mine plan has been substantially enlarged in scope, upsizing the refinery capacity, increasing surge capacities and revising the mine plan to measurably bring forward cobalt metal production to respond to the strong demand from major automobile producers and battery manufacturers, hence the increase in capital expenditures. ****
And yes, as in any developing company, dilution from funding via equity and debt service from borrowing will affect the financials, but we’re talking about the best of the world’s cobalt asset class and the world’s top scandium resource—plus there are other significant and weighty features of the company that were not included in the DFS which, when taken as part of the whole, multiply by orders of magnitude what Clean TeQ will be in the future.
·Sunrise Project is expected to deliver lowest quartile C1 cash costs averaging negative US$1.46/lb nickel, once by-product credits from cobalt, scandium, and ammonium sulphate are factored in.The DFS positions the Sunrise Project to be in the lowest quartile on the nickel cost curve and they have measured and indicated nickel of 558,000 tonnes.
·As mentioned, the DFS states that scandium production can readily be expanded at Sunrise to 160 tonnes per year.
·Sunrise contains a significant platinum reserve of 108 million ounces.
·Clean TeQ’s Continuous Ion Exchange Technology (CIF®) cutting-edge water purification waste water treatment solution is currently under construction / development in Oman, Australia, Democratic Republic of Congo and China.
·From The Clean TeQ Annual Report: “… over the next year or so we expect to deliver several commercial plants that will be great demonstration sites for the versatility of Clean TeQ’s CIF® and NEX™ water treatment systems.”
·The Chinese water market is the largest and most rapidly growing water treatment market in the world.
·Large scale chemical plants such as refineries and coal to chemical plants consume a large amount of water and create large volumes of difficult to treat wastewater. Water scarcity and concerns about pollution often result in very strict discharge requirements and zero liquid discharge. Clean TeQ’s NeX™ evaporation and crystallization technology is well suited to treat this highly polluted wastewater, reaching over 99% water recycling and returning crystallized salts that can sometimes be re-used.
Clean TeQ provides innovative wastewater treatment solutions for removing hardness, desalination, nutrient removal, and zero liquid discharge. The sectors of focus include municipal wastewater, surface water, industrial waste water, and mining waste water. CIF® provides a water treatment solution to many Chinese industries including power, mining, oil and gas and municipalities.
Multotec is Clean TeQ’s South African based exclusive distributor of their Continuous Ion Exchange Technology (CIF®) for wastewater management.
·Clean TeQ’s proprietary Continuous Ion Exchange (CIF®) processing technology has been deployed in the DRC for metals processing. Clean TeQ will use its Continuous Resin-In-Column (cLX) Ion Exchange technology to treat up to 20 million litres per day of a raffinate stream, removing contaminant metals and improving the quality and environmental rank of the raffinate, prior to further processing. This process achieves an extraction rate of more than 98% of the contained metal from ores and tailings.
The above two related technologies—over 20-years in development by Clean TeQ (add 30+ more years under earlier Soviet development) when viewed as a solution to cleanse water and to extract metals from low grade ores, slurries, tailings, salar and geothermal brines—have truly staggering global potential. Two facts make this clear; first, 1 in 10 people lack access to clean water; second, the amount of low-grade ores, mine tailings, slurries and brines that have residual mineral concentrations is staggering. It’s an overlooked treasure trove of value that’s now ‘unlocked’ because of new technologies.
·Also remember that international financier and technology & mining guru Robert Friedland is the largest shareholder and ‘the’ guiding hand. The man has discovered a $trillion worth of minerals in the ground and raised mega billions globally for his projects; Clean TeQ is one of his pet ventures.
·Let us also note that the Clean TeQ “thrust” re salar and geothermal brines also has huge potential and has not been mentioned by Clean TeQ until its last press release / announcement (July 24, 2018).
Consider this “overlooked” reference to lithium extraction in the above mentioned press release:
“The economics of the lithium extraction and purification process can be improved dramatically via direct extraction processes. When delivered using our CIF® technology, direct extraction will dramatically reduce the time and expense of extracting and purifying lithium for the lithium battery market.”
Clean TeQ is in full-speed-ahead mode promoting and developing its related new technologies. Sustainable water management practices are becoming critically important in the mining industry as environmental regulations are tightened globally and water scarcity increases. Clean TeQ’s technological solution is particularly applicable in China, where algae blooms are fouling wastewater being discharged into waterways.
·Here’s another noteworthy and overlooked aspect of Clean TeQ ability to build production in time:
The Australian Government—both regional and national—has given Development Consent / Authority for 2.5 million tonnes per annum [mtpa] of Sunrise ore production. Good citizenry, in time, will allow for an increase of the annual tonnes per annum IMO. Clean TeQ’s two autoclaves will allow for an increase of another million tones—an increase in through-put production of cobalt, nickel, and scandium amounting to a 40% (2.5 to 3.5 mtpa =40%) increase.
Need to know data:
The dominant and necessary chemistries for the next-generation electric vehicle [EV] battery are lithium, cobalt, and nickel.
The value of the cobalt market is now well over $8 billion
The far, far more essential elements than lithium in the lithium ion battery are cobalt and nickel salts. These salts make up around 15% of the battery—lithium only 5%. In reality, the lithium ion battery is a cobalt nickel battery in all but name.
Macquarie Research has projected that the cobalt supply deficit for 2018 will be 885 tonnes. In 2019, they see a 3,205 tonne shortage and by 2020 Macquarie estimates a 5,340 tonne deficit.
Clean TeQ’s Sunrise deposit in New South Wales, Australia, contains one of the highest grade and largest cobalt and nickel deposits outside of Africa and the world’s largest and highest grade scandium resource. Over 1,300 core holes have been drilled in the near-surface deposit to delineate the resource’s size and grade and it’s amendable to simple strip-mining by excavators.
Clean TeQ’s signed an offtake agreement with Beijing Easpring in August 2017. Easpring produces nickel-cobalt-manganese and lithium cobalt oxide cathode chemistries, and its clients include major lithium-ion battery makers Sony, Samsung SDI and LG Chemical. The binding five-year purchase agreement will represent 20% of Sunrise’s annual cobalt and nickel-sulphate tonnage, and begins at the start of commercial production.
An updated NI 43-101 technical report (that will likely be about two feet thick) with respect to the Clean TeQ Sunrise Project will be filed on SEDAR and with other applicable authorities within 45 days after the DFS was published, which was on June 25, 2018. So the access date is July 30, 2018.
Upon publication of the finalized and expanded NI 43-101 report I then foresee near immediate “actionable deal interest” by some of the largest companies in the world who are waiting in the wings to finance and/or take equity and/or off-take agreements with Clean TeQ.
I anticipate that a major auto company, a major battery manufacturer and/or a major global electronics company (a powerhouse like Apple or Samsung or both) to show up and de-risk their supply chain of this “key” and must-have metal.
Clean TeQ has stated that it has already entered into a number of non-binding offtake Memoranda of Understandings [MoU’s] representing a proportion of Sunrise’s anticipated production over the first five-years of the mine life, with counterparties who are well established in the lithium battery supply chain.
It should be noted that Clean TeQ has successfully processed 20 tonnes / 44,000 pounds of Sunrise ore through their pilot plant, located in Perth, with positive feedback about the samples from prospective customers.
Notably, the infrastructure build necessary in bringing water to the Sunrise Project is currently in progress and ongoing, power & gas are close by, and roads and rail access are already available.
Another significant plus is that the Clean TeQ resource is located in Australia, where mining is welcome and a safe haven outside the locales where a myriad ofThird World supply interruptions and corruption befall investors and where the political, legal, and regulatory dangers are well known. Auditability of the supply chain is another issue that weighs heavily in favor of sourcing cobalt from Australia over the DRC.
According to theCobalt Development Institute, 58% of global cobalt production is already consumed in many diverse industrial and military applications, where super-alloys (used in jet engines and gas turbines), catalysts, magnets, and pigments rely exclusively on the material. Other than the DRC, there is no large producer of cobalt, but rather many countries producing very small amounts that vary from 3 to 7 thousand tons per annum. These together supply the remaining 45%.
The recently published Definitive Feasibility Study (DFS) demonstrates that 2.5 million tons of ore can be mined annually over the initial 25-years of what is expected to be a 40-year mine life. (The scandium from the deposit may have a 100-year mine life.)
Clean TeQ’s banking syndicate is standing by to commence work in earnest on a debt finance facility. The syndicate includes some of the largest deal financiers in the world: Industrial Commercial Bank of China (ICBC), National Australia Bank, Natixis, and Societe Generale. Conspicuously, the ICBC is the largest bank in the world with over $4.2 trillion in assets and a profit of $43.6 billion.
Roughly, 98% of global cobalt supplies come from nickel and copper mines that produce cobalt as a by-product, but at Clean TeQ’s fully permitted and development ready Sunrise Project cobalt is a co-product, not a by-product. Indeed, Sunrise is “unique” in its high cobalt content relative to nickel content, the company says. The deposit’s cobalt-nickel ratio in the updated resource is now 0.22 tonne cobalt to 1 tonne nickel, more than double its closest peer in Australia.
Over the initial 25-year mine life the DFS estimated:
Cobalt Sulphate Production – 400,000 tonnes (contained cobalt metal equivalent 84,000 tonnes) Nickel Sulphate Production – 2,000,000 tonnes (contained nickel metal equivalent – 450,000 tonnes) Scandium Oxide – 10 tonnes per annum (initially, then 93.5 tpa) Scandium Hydroxide Production) – 2,337 tonnes
Clean TeQ’s Sunrise is forecast to deliver up to US$14 billion in revenue: life of Mine EBITDA of US$8.6 billion, and average annual EBITDA of US$344 million.
In addition, these stalwarts of global business rightly want delivery of cobalt—clean cobalt—to insure that no child labor is involved in the supply chain of the metal out of the DRC.
An eight year old is pictured cowering beneath the raised hand of an overseer
A report by Amnesty International first revealed that cobalt mined by children was ending up in products from several companies, including Apple, Microsoft, Tesla, and Samsung.
Consider the Growth Arc of the EV
Year to date 2018 global passenger plug-in EV sales were 418,000 units (up 66% year on year).
By 2040 China is forecast to capture more than 40% of the world EV market.
China leads the world in electric vehicle [EV] usage with about 1,385.008 all-electric vehicles on its roads and an ambitious plan to deploy 5 million EVs by 2020. According to Wood Mackenzie, electric-car sales will hit 100 million by 2035.
The world’s miners can’t produce enough cobalt to support global production of more than a few million EVs each year. And when you begin to factor the expected growth of stationary energy storage into the cobalt supply equation, potential EV production rates plunge.
Bottom Line: Carmakers bracing for a surge in electric vehicle sales in the early 2020s are increasingly worried about where they’ll get enough cobalt and nickel to go into their batteries.
Big picture, the money is pouring into clean, renewable energy on all-fronts and the amounts are staggering. In 2016, the latest year that data is available, about $297 billion was spent on renewables such as solar and wind — compared with $143 billion on new nuclear, coal, gas and fuel-oil power plants, according to the International Energy Agency.
Nickel is also in a Bull Market move
JPMorgan (JPM) just recently said that demand for nickel is expected to increase 11-fold in the five years between 2017 and 2025, with the battery sector predicted to become the second largest consumer of nickel (after the stainless steel market) by the middle of next decade.
Key is that less than 50% of current global nickel production is suitable for battery applications (Class I nickel). In addition, the lack of new Class 1/sulphate developments is leading to a continued sulphate premium over LME nickel price.
Glencore Plc indicates that global demand for nickel in EV’s will hit nearly 1 million metric tons by 2030. That amounts to 55% of the metal produced globally in 2017. Prices look set to double by 2022.
Mentioned in the DFS is that Clean TeQ’s nickel sulphate production of 2,000,000 tonnes has a contained nickel metal equivalent of 450,000 tonnes over the initial 25-year mine life. Presently the London Metals Exchange [LME] December contract is USD $14,350 per tonne.
During the last 12-months, nickel (spot) has appreciated from $4.00 to over $7.00 (currently at $6.16) per pound.
Critically, the LME’s Warehouse Stock Levels of nickel are at 3-year lows and look to be going lower.
Scandium now mentioned in the DFS
Scandium—flat out—will revolutionize the aluminum industry.
Clean TeQ’s Sunrise Project is one of—if not ‘the’—world’s largest and highest-grade scandium resources.
Clean TeQ has partnered with Chinalco, one of the world’s largest aluminium companies, to accelerate the adoption of scandium-containing alloys in China’s transport sector.
Grasp the weight of this quote by Clean TeQ’s CEO, Sam Riggall:
“China is embarking on a radical transformation of its transport sector, the scale of which has no precedent in history. While China’s policies to promote renewable energy and accelerate the adoption of electric vehicles has captured most attention, it is advances in materials science—stronger, lighter and more durable materials in the construction of cars, planes, trains and ships—that promises to provide the most long-lasting benefits for the global economy and the environment.”
Riggall also stated:
“We believe our partnership with Chinalco, one of the world’s largest aluminium companies, and Chongqing University, will accelerate the adoption of scandium-containing alloys in China’s transport sector.”
Scandium is revolutionary in how it will transform aluminum for the aerospace, automotive, marine, and rail transport industries.
Adding a tiny amount (0.15% to 0.20%) of scandium to aluminum creates a next generation alloy that is corrosion resistant, weldable (with no loss of strength at the weld), 3D printable, able to significantly enhance castings, ‘superplastic’ (can be fabricated to form more complex shapes), stronger, and harder. Thus, the alloy can be formulated to be much lighter on a comparative basis than standard aluminum.
The Soviet Union was the first major user of scandium. Russian scientists used a scandium-aluminum alloy to reduce the weight of the Mig 21, 25, and 29 family of military aircraft. The scandium use made the Migs faster, lighter, and a more fuel-efficient and allowed the fuselage to be welded (no rivets), making them 15% lighter. The Soviet metallurgists of the 1950’s were the scandium pioneers, the first to recognize and understand its remarkable properties.
The “sure to happen” adoption of scandium by global industry is still a bit out in time as the major users of aluminum in the world are now deeply involved in developing applications for scandium-enhanced aluminum. The day is near when you can get all the scandium you want and at a lower cost than you’ve been able to get it historically.
Scandium is one of the most plentiful yet hard to extract elements there is: it’s ‘held’ in minute amounts in many substrates, occurring in trace quantities in over 800 minerals. Now the ‘no supply / high cost’ dynamic is on the threshold of change as chemical solutions are developing that will release the astonishing metal for a multiplicity of uses.
Clean TeQ has indicated that Sunrise resource holds contained scandium metal of 19,222 tonnes. Only about 15 tonnes of scandium is produced globally each year tops. So using a minimum scandium price of $1,500 per kilogram, (and prices have fluctuated between $3,500 to $20,000 per kilogram) means that there could be over $28 billion of the metal in the ground. In addition, there’s additional gobs of way-more $ billions worth of cobalt, nickel, and platinum as mentioned in the DFS in the very same near-surface Sunrise resource.
The potential now exists to revolutionize the scandium market with a massive, low-cost source of supply in a stable Australian jurisdiction.
Notably, Clean TeQ’s Clean-iX® processes is highly efficient in the extraction and purification of scandium and a range of valuable strategic metals from slurries and solutions with yield recoveries near 99%.
Clean TeQ has existing agreements with companies including the giant Airbus Group and Chinalco (China’s largest alumina and primary aluminum producer) to develop new light-weight aluminum scandium alloys for the aerospace and automotive sectors.
IV. ANOTHER KIND OF ‘METTLE’
* MORE re Robert Friedland
Robert Friedland is Clean TeQ’s largest shareholder and Co-Chairman. He is a mining mogul, billionaire, international financier, philanthropist, promoter (and speaker) extraordinaire.
Currently Friedland / Ivanhoe Mines sits on three of the largest mineral finds ever: perhaps the largest and richest copper, zinc, and platinum finds. Plus, he has size interests in a lot of other stuff, notably Clean TeQ.
No other person that I know of has been more successful at taking ‘to market’ what come to be tier-one assets that he has discovered or has interest in than Robert Friedland.
To put it concisely: when Friedland has an interest in a project, media, interest, and money follow. I like to say he has an aspect of towering credibility— call it ‘wham’ or ‘juice’— to drive his projects eventually to fruition. Therefore he can advance and expedite his vision of his interests like no other.
Friedland travels more than anybody I’ve ever heard of. To give you some idea of how he rolls, he has four personal assistants (PAs) each in a different time zone around the globe to deal with, organize, and transmit to him the goings-on of his (one wants to say) domain. That’s Robert Friedland, and it’s only a thumbnail version. The whole story is remarkable …
** I just (July 17-20) attended the 2018 Sprott Natural Resource Symposium held at the Fairmont Hotel in Vancouver British Columbia. Some of the premier global companies in the mining space were there as well as some terrific speakers, one of whom was the keynote, Robert Friedland.
Rick Rule, President and CEO of Sprott US Holdings,introduced Mr. Friedland by saying that has been responsible for discovering and building “many, many” world-class, tier-one resources and for generating $billions of dollars in shareholder wealth. Friedland spoke of the China, EV, copper, cobalt, platinum nickel, scandium and vanadium stories and how they were related. He also spoke briefly about the companies Ivanhoe Mines and Clean TeQ.
***Joseph Kabila is 47 and was educated in USA. The DRC election is scheduled on December 23, 2018. It’s highly unlikely he gives up power. He could possibly have a ‘stand in’ President as Russia did when Dmitry Medvedev, Russia’s Prime Minister, “stood in” for Putin in 2008-2012. He will maintain absolute power as Putin did, IMO.
**** The total capital cost estimate for the Sunrise Project increased due to a number of changes of scope designed to deliver substantially increased revenue, EBITDA and return on capital as well as including a range of measures to de-risk the development and operation of the project.
In February 2017, Clean TeQ sold leading Chinese conglomerate, Shanghai based Pengxin International Mining Co. Ltd. 16.2% of the company for $81 million.
Clean TeQ website: http://www.cleanteq.com/