Clean TeQ Holdings Ltd’s Strategic partnership and cash levels
Strategic partnership and cash levels: Clean TeQ Holdings Ltd’s (ASX: CLQ) stock has risen 4.44% on March 27, 2017. The group recently formed a strategic partnership with a leading Chinese conglomerate, Pengxin Mining, in order to fast track development of the Syerston Nickel-Cobalt-Scandium Project in Australia. Pengxin will be making an initial investment of A$ 81 million in CLQ and would also assist the group to facilitate Chinese project-debt financing for the project. Syerston is one of the largest accumulations of cobalt outside of Africa and also one of the largest and highest-grade scandium deposits in the world. Clean TeQ was recently awarded a grant under the second round of the Cooperative Research Centre’s Project program. A government funding of $632,285 has been approved for the project which is scheduled to commence in March 2017. The project is to develop energy efficient waste water treatment technology using graphene oxide technology undertaken in association with Iconic Industries Ltd and Monash University. CLQ has developed Continuous Ionic Filtration (CIF®) technology which is used for water and wastewater filtration, and the CIF® technology works by capturing charged ions in contaminated water and wastewater streams and producing clean water for reuse. For the financial half year ending December 31, 2016, cash and cash equivalents stood at $15.4 million as compared to $6.82 million in same period a year ago.
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