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Queensland Pacific Metals (ASX:QPM) is developing the 100% owned Townsville Energy Chemicals Hub (TECH) Project. The TECH Project will be a modern and sustainable battery metals refinery, 40km south of Townsville, in northern Queensland, Australia. With a nameplate production of 16kt nickel metal contained in nickel sulfate and 1.75kt cobalt metal contained in cobalt sulfate, QPM will produce critical metals for the rapidly emerging lithium-ion battery and electric vehicle (EV) sector.
QPM shareholders include global battery manufacturing leader LG Energy Solution, major Korean conglomerate POSCO and American multinational automotive manufacturing company General Motors. QPM has secured binding offtake agreements for the sale of nickel and cobalt with LG Energy Solutions, POSCO and General Motors.
QPM, through its energy business QPM Energy Pty Ltd (QPME), acquired Moranbah Gas Project (MGP) in August 2023. MGP is an established coal mine waste gas project capable of processing 30 PJ per annum, with 240 PJ of 2P reserves. This acquisition has secured a long-term, economically sustainable energy supply allowing the TECH project to avoid extremely volatile energy pricing. Amongst the existing key gas sales contracts, QPME has contracts in place to transport gas to the Townsville Power Station for peaking electricity generation, with all electricity revenues accruing to QPME.
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