https://www.miningweekly.com

Clean TeQ to separate Sunrise Dam from water division, reviews Toronto listing

14th September 2020

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Dual-listed Clean TeQ, which is developing the Sunrise Dam cobalt-rich nickel deposit in Australia, has announced that it is considering separating its water division from its mining division and that it would also review its secondary listing on the Toronto exchange.

The company, which has a primary listing on the ASX, said on Monday that about 1.6% of its shares were held on the TSX share register.

The cost-benefit analysis of its secondary listing would consider what impact a delisting from the TSX would have on streamlining and simplifying any applicable regulatory processes should it separate its water division from the Sunrise Dam operations.

Clean TeQ explained that the success of its water division in the past 12 months had presented the company with an opportunity to consider a separation of its water division from the remainder of its business, comprising the Sunrise project and other mineral exploration activities in New South Wales.

“Establishing standalone, separately-listed entities will allow shareholders to more readily manage their own desired exposure to each of the businesses, as well as simplifying the investment proposition to new investors,” said Clean TeQ, which is co-chaired by Robert Friedland.

In the case of Sunrise, it also provided an opportunity to pursue investment and funding structures using a corporate vehicle comprising an asset suite focused exclusively on battery materials.    

The Sunrise Dam nickel/cobalt/scandium project would require just under $2-billion to bring to fruition.

The company has started a formal review for consideration of the board, which would be concluded before the end of the year.

Clean TeQ traded at A$0.32 a share in Australia on Monday.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION