Queensland Pacific Metals Ltd (ASX:QPM) subsidiary QPM Energy has signed a strategic partnership with Carbon Logica Pty Ltd to jointly develop and invest in carbon abatement projects for mines in the Northern Bowen Basin (NBB) in Queensland.
The partnership brings together the critical skill sets and financing capabilities from both organisations needed to successfully develop projects that reduce carbon emissions from the resource industry and improve the security of gas supply to QPM’s TECH project in Townsville.
Reducing Queensland’s carbon emissions
QPM managing director and chief executive officer Dr Stephen Grocott said: “We are delighted to form the Strategic Partnership with Carbon Logica.
“Through pairing our gas reservoir and development skills that sits within our wholly owned subsidy QPM Energy with the highly capable Carbon Logica team, we are ideally placed to assist in reducing Queensland’s carbon emissions, generating carbon abatement revenues and to help secure the energy required to produce negative carbon nickel and cobalt.
“The Carbon Logica team bring decades of experience in mining operations and mine gas management for our joint initiatives in the Northern Bowen Basin.”
Carbon Logica is a private company that was established to provide carbon abatement services to the resources industry and is jointly owned by the Xcoal Group and Helmont Energy.
Xcoal has extensive experience supplying coal to steel producers and operating some of Australia’s gassiest coal mines within the Bowen Basin.
Helmont is one of Australia’s leading biogas and carbon abatement firms specialising in reducing emissions from the agricultural and industrial manufacturing industry.
Carbon Abatement Project
QPME has previously announced the development of the Carbon Abatement Project in the NBB which will be Australia’s first multi-user, waste gas collection and processing facility.
The new partnership is an extension of this project and is intended to accelerate its development through the deployment of capital and securing agreements for waste coal mine gas collection and monetisation.
The high-quality steelmaking coal sourced from the NBB will be a critical element of the infrastructure development required to reach net zero.
However, these coals typically contain very high volumes of methane which is emitted during the mining process.
Through the development of regional infrastructure and projects which facilitate the capture and beneficial environmental and financial use of this waste mine gas, the partnership is expected to both reduce carbon emissions and facilitate industrial growth in Northern Queensland.