ASX-listed mine developer Clean Teq has started looking for partners for its nickel, cobalt and scandium project in central NSW, amid a boom in demand for battery metals.
The company has tasked Macquarie Capital to run a process to find a partner to sell a stake of up to 50 per cent in the Sunrise Battery Materials Complex, in combination with long-term offtake.
Clean Teq said in a statement it expects to finish the process in the second half of this year, with a final investment decision due to be made in the fourth quarter.
The company said it had received multiple enquires from companies across the electric vehicle supply chain for its project.
Reuters last year reported that Asian battery makers are turning to early-stage cobalt projects in Australia and Canada to lock in supplies of the critical battery ingredient ahead of expected shortages as demand for electric vehicles revs up.
In 2017, China’s Beijing Easpring Material Technology Co Ltd which makes products for battery makers, signed a binding five-year deal with Clean Teq.
Dominant electric vehicle maker Tesla Inc in May said it expects global shortages of nickel, copper and other electric-vehicle battery minerals down the road due to under investment in the mining sector.