Queensland Pacific Metals (ASX:QPM) has been awarded an $8 million grant from the Australian Government to advance the Townsville Energy Chemicals Hub (TECH) Project.
The grant was received under the International Partnerships in Critical Minerals program.
Queensland Pacific, which has a market capitalisation of $83.18 million, says the funding will be put towards completing the TECH Project’s validation work, which comprises testwork, piloting, and engineering to produce a Bankable Feasibility Study (BFS).
Non-executive director Stephen Grocott says the company is “grateful” for the government’s support through the critical minerals program.
“This grant is a testament to the attractiveness of the TECH Project for high-quality, excellent ESG battery materials production,” he says.
The company has been working alongside the government and key stakeholders to secure independent funding to advance TECH. The company is focused on de-risking the project.
In line with Queensland Pacific’s strategy, the matching funding required to support the grant will be independently sourced. Discussions with commercial partners and the Queensland Government to secure these funds are ongoing.
The TECH Project will be a modern and sustainable battery materials refinery, processing imported, high-grade laterite ore from New Caledonia to produce nickel sulphate and cobalt sulphate, alongside other value co-products.
Write to Aaliyah Rogan at Mining.com.au
Images: Queensland Pacific Metals
