Wastewater treatment company Clean TeQ (ASX:CLQ) said it continues to make progress towards the development of the Clean TeQ Sunrise nickel, cobalt, scandium project in New South Wales.
The Clean TeQ Sunrise project was renamed from Syerston during the quarter, which the company said signifies in a change of focus in the project.
The company announced the appointment of four financial institutions during the quarter to arrange a debt financing facility to go towards the development cost of the project, providing a total of US$500 million.
In December, Clean TeQ entered into an agreement to acquire a 300-person accommodation facility for $3.8 million to support the construction phase of the project.
The company said it has progressed towards the completion of a definitive feasibility study for the project, and said it will release the results at the end of the first quarter of 2018.
Shares in Clean TeQ (ASX:CLQ) are trading 0.64 per cent lower at $1.56.