Clean TeQ buys NSW project

Company News

Clean TeQ Holdings Limited (ASX:CLQ) says it has completed on its acquisition of the Syerston Project from Ivanhoe Mines (ASX:IVN).
 
The acquisition includes 100 per cent of the exploration licence and six mine lease applications as well as all existing approvals and development consents. 
 
In return CleanTeq has given Ivanhoe a little over 7 million ordinary shares, $100,000 and 2.5 per cent in royalties. 
 
The Syerston project in NSW was previously a nickel and cobalt asset but CleanTeq plans to use its ion exchange technology to product low cost Scandium for 3D printing and the fuel cell market. 
 
CleanTeq made a net loss of $2.26 million for the first six months of the 2015 financial year.