SciDev Limited (ASX: SDV, ‘SciDev’) have released their quarterly activities and cashflow report for Q2 FY2019/2020.
What are the top 10 highlights for the quarter?
- Sales to customers during the quarter were AUD$4.04m, representing a 77% increase on the September quarter.
- Entered into a binding Heads of Agreement to acquire U.S. private company Highland Fluids Technology Inc.
- Awarded a design, build, install and operate contract for a powder flocculant plant at Yancoal Australia’s Warkworth operation (contract value $460k) as a result of its ProSol Australia acquisition.
- Continues to work with Canadian oil field operators in planning for field scale qualifications of the MaxiFlox® technology following the passing of environmental and performance hurdles in Q1 FY2020.
- Trial order sales into Phoenix Process Equipment in FY20 have been >AUD$500,000, with volumes expected to grow.
- Several deliveries have been made to Iluka with a seamless transition to the SciDev MaxiFlox® chemistry. The chemistry performance is currently exceeding expectation.
- Engaged with a French multinational mining and metallurgy company to conduct suitability assessments for SciDev's technology in New Caledonia. SciDev continues to focus on the nickel laterite processing segment, representing one of the largest chemical opportunities in the global mining market.
- SciDev MaxiFlox® technology was successfully qualified in laboratory-scale testing at both a large-scale gold project in PNG and domestically in Australia. An order has been placed for full plant evaluations of the Company’s chemistry. In the case of the PNG operation, the initial feedback from the customer is positive with additional orders likely in the coming quarters.
- Received an order for a field trial of its MaxiFlox® chemistry at the Las Bambas copper mine in Peru.
- During the quarter, an international tunnelling contractor utilised SciDev’s MaxiFlox® technology and professional services to prevent extended delays presented by difficult ground conditions.
- Execute on recently won contracts and support existing customer trials.
- Integrate the acquisition of Highland and drive growth within the US Oil & Gas sector.
- Continue development within the domestic civil and construction industry.
- Continue to grow its relationship with strategic partner, Nuoer China.
- Accelerate initiatives in the Australian wastewater sector.
- Build on momentum with the existing organic growth pipeline.
- Move towards positive cash flow generation.