.QLDPacificMetal has struck a $69million deal with GM for nickel and cobalt offtake mining investment funding resources Battery BatteryMetals ElectricVehicles
PERTH – The share price of ASX-listed Queensland Pacific Metals climbed more than 18% on Wednesday on news of a long-term strategic collaboration agreement with General Motors .
Additionally, and subject to its satisfaction with the definitive feasibility study at the Townsville Energy Chemicals Hub project, and other customary conditions, GM will also participate in any equity raising undertaken by QPM as part of an FID to construct the TECH project. The initial investment offtake will span the 15-year mine life of Phase 1, with GM having the right to purchase all of the nickel and cobalt metal not covered by existing offtake agreements with LG and POSCO. This will include 6 000 t/y of nickel metal, ramping up to 16 000 t/y when commitments to LG and POSCO are met, and 800 t/y of cobalt metal, ramping up to 1 800 t/y when offtake commitments have been met.
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