Clean TeQ to fund A$18 million in local initiatives and infrastructure upgrades during Clean TeQ Sunrise operations
MELBOURNE, Australia – Clean TeQ Holdings Limited (Clean TeQ or Company) (ASX/TSX:CLQ; OTCQX:CTEQF) is pleased to advise it has today signed a Voluntary Planning Agreement (VPA) with the Shire Councils of Lachlan, Forbes and Parkes, demonstrating the Company’s commitment to working with our host communities to ensure the benefits of the Clean TeQ Sunrise Project are shared among all our stakeholders.
Under the VPA, Clean TeQ will fund local initiatives totalling over A$18 million over the first 21 years of the Clean TeQ Sunrise Project. Today’s signing triggers an initial A$400,000 investment under the VPA into the local region.
Upon Clean TeQ making a formal decision to proceed with construction of the mine, further community enhancement contributions will be made each year in support of community and infrastructure enhancements at the discretion of the Councils. Over the approved life of mine, Clean TeQ will contribute approximately A$10 million in community enhancement contributions.
Clean TeQ will also contribute approximately A$340,000 each year to fund maintenance of the road network it will use, with an additional investment to upgrade various roads and intersections. This will ensure its activity does not place undue pressure on the local road infrastructure.
Clean TeQ CEO Sam Riggall and Project and Start-Up Director Tim Kindred attended the signing, along with Lachlan Shire Mayor Cr John Medcalf, Parkes Shire Mayor Cr Ken Keith OAM and Forbes Shire Council Mayor Cr Phyllis Miller OAM.
Clean TeQ CEO Sam Riggall said, “Clean TeQ Sunrise will generate significant opportunities for local communities through the creation of jobs, generating investment and flow-on spending across the region. Clean TeQ will also benefit from the use of some existing public infrastructure. Through the VPA we can contribute to the cost of maintaining these public facilities and see our communities grow.
“I’d like to thank the Councils for their support of the Clean TeQ Sunrise Project, as demonstrated through their commitment to the VPA. As Clean TeQ Sunrise progresses closer to construction we are looking forward to having more of our people living and working in the region.”
Lachlan Shire Mayor Cr John Medcalf said, “The signing of the VPA today between Clean TeQ and the three respective Council’s marks a significant milestone in the progress of the Clean TeQ Sunrise Mine project. The community infrastructure, which Council will deliver through the VPA funding, will bring benefit to the Lachlan Shire community. Council looks forward to Clean TeQ becoming a valued corporate citizen of our local government area.”
Forbes Shire Council Mayor Cr Phyllis Miller OAM said, "Forbes Shire Council is pleased to partner with Clean TeQ and our neighbouring councils in this unique project for Central West NSW. The VPA will provide an opportunity for Forbes Shire Council to implement unique community enhancement projects over the lifespan of the mine."
Parkes Shire Mayor Cr Ken Keith OAM said, "Today marks a major milestone in the development of this nationally-significant mine, and we are delighted to sign the VPA alongside our colleagues from the Lachlan and Forbes Shires.
"Not only will the project generate high-value employment for the region but will also be a supplier of ethically mined nickel and cobalt for the electric vehicle battery market, which is so important for vehicle emission reduction.
"The Community Enhancement Funds will be invested in the Trundle community, with the next round allocated to the community of Tullamore and to investigate childcare needs across the Shire. An additional provision of the VPA will ensure the road network is safe and well maintained."
The support delivered via the VPA is in addition to the significant benefits Clean TeQ Sunrise is expected to bring to communities in Central West NSW, which include:
- Upgrades to local infrastructure and community enhancements;
- Up to 1300 jobs during construction and 300 in operations;
- An estimated A$1.9 billion in employee salaries and wages forecast over the initial
- 25 year mine life; and
- Opportunities for local business and economic growth.
For more information, please contact:
Richard Glass, Investor Relations (Australia) +61 3 9797 6781
Evan Young, Investor Relations (North America) +1 647 808 2141