JOHANNESBURG (miningweekly.com) – Clean TeQ’s largest shareholder and mining personality Robert Friedland has increased his holding in the Australian junior to 19.9% through a series of recent on-market purchases, the ASX-listed company reported on Wednesday.
Friedland, who is a well-known investor in international mining projects, as well as a significant player in the global junior mining industry, stated that the combination of the Syerston project and its unique geological properties, with Clean TeQ’s innovative ion exchange technology, positioned the company to become a leading supplier of nickel and cobalt sulphate for use in lithium-ion batteries.
These are key raw materials required to power future electric mobility. Through the development of Syerston, Clean TeQ will also become the world’s largest producer of scandium, which is expected to facilitate the increased adoption of aluminium-scandium alloys for light-weight applications in the global transportation sector.
A recently completed feasibility study at Clean TeQ Holdings’ Syerston scandium project, in New South Wales, has shown that the mine will have an average production of 49.2 t/y scandium oxide (Sc2O3) after an 18-month ramp-up, over an initial 20-year mine life.
Based on a long-term Sc2O3 price of $1 500/kg, the project is set to deliver a post-tax net profit value of A$273-million and 33% post-tax internal rate of return.
Further, the study has estimated capital expenditure to be A$100-million, which includes a A$4.47-million contingency.
Clean TeQ reported that it had already entered offtake discussions in global transport and energy sectors for the Sc2O3.
The study was based on a processing plant with designed capacity of 64 000 t/y of ore feed from Syerston’s near-surface resource. The processing plant consists of a high-pressure acid leach circuit, followed by Clean TeQ’s proprietary resin-in-pulp technology for scandium recovery, followed by purification.