QPM receives state govt grant for TECH project
The Queensland government has granted Queensland Pacific Metals an A$8-million grant to advance its Townsville Energy Chemicals Hub (TECH) project towards investment readiness.
Queensland has previously designated TECH as a prescribed project and a significant investment project.
The TECH project will be a battery materials refinery, processing imported, high-grade laterite ore from New Caledonia to produce nickel sulphate and cobalt sulphate.
QPM says the state government grant satisfies the matched funding condition required under a federal government grant, ensuring that QPM can proceed with its development plans without delay.
In April, QPM announced that it would scale back spending on TECH, citing challenging market conditions for nickel and battery metals.
“Government support is essential for advanced manufacturing projects like TECH to be competitive on the global stage. We believe in the merits of the TECH Project with its gold standard sustainability credentials and world class partners. I would like to personally thank both the state and federal governments for their ongoing support, particularly at a time where it is most needed for critical minerals,” said QPM director Stephen Grocott.
Meanwhile, QPM announced a demerger to separate the ownership of the Moranbah gas project and the TECH project. Separating the two projects will allow both to grow and create value independently.
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