Queensland Pacific Metals Ltd (ASX:QPM) has enhanced the experience and skillset of its Board of Directors and management team as it drives the TECH Project in North Queensland through feasibility, construction and into the operating phases.
The new appointment and team changes have been prompted by evolving project needs and international factors and represent a continuation of QPM’s strategy of adopting market best-practice in building corporate governance, oversight and management skills.
At a board level, John Abbott and Dr Sharna Glover have been appointed independent directors while current chairman Eddie King will transition to a non-executive director role and John Abbott will step into the chair role.
Cameron (NYSE:CAM) McLean has notified QPM of his intention to resign from the board, effective immediately.
As part of the evolution of QPM’s management team, Duane Woodbury has been appointed chief financial officer and Corinne Buffnoir as general manager for New Caledonia.
Next chapter of development
“After playing a major role in the acquisition of QPM and overseeing the exciting growth trajectory of the company, I believe the time is right for me to step down as chair and pass the baton on to John Abbott.” Eddie King said.
“QPM is entering its next chapter as it proceeds through project development to become a sustainable producer of critical battery metals and John has the ideal skillset to lead us through this phase.
“I would like to also welcome Sharna Glover to the board and acknowledge the contribution and efforts of Cameron McLean who has also been an important board member throughout the duration of his appointment. I look forward to remaining actively involved with the company in my capacity as a non-executive director.”
Shares higher
The market responded positively to the appointments with shares hitting 28 cents, a new high of more than 13 years and an increase of 6% on the previous close, while the company's market cap before the opening was approximately A$359.24 million.
Abbott combines extensive experience as a company director for Australian and Asian companies with an executive background in operations, engineering, design and project management of large, complex projects. For the last five years he has been Chancellor of the Central Queensland University.
Dr Glover has more than 25-years’ experience in the Resources sector, with her career focusing on engineering, technology and people. She holds a first-class double degree in Chemical Engineering and Science as well as a doctorate in Chemical Engineering.
Financial and logistical abilities strengthened
Identifying a personnel dearth in debt and equity financing initiatives, QPM has appointed Duane Woodbury as chief financial officer, who will be responsible for securing funding required for the TECH Project.
He has more than 25 years’ experience in the listed equity market in Australia and internationally with organisations including Macquarie Bank and Kingsgate Consolidated Limited (ASX:KCN).
Logistical concerns generated by COVID-19’s effect on international movement prompted QPM to appoint Corinne Buffnoir as general manager for their New Caledonian holdings.
She brings a blend of strong relationships within New Caledonia and a long operating track record in the nickel sector.
“These appointments reflect QPM’s progress towards being a profitable, sustainable battery materials producer,” managing director Stephen Grocott said.
"The new board and management personnel bring additional skills, experience and networks that will greatly improve our ability to deliver a successful outcome for shareholders. I look forward to working with all the new appointments and warmly welcome John and Sharna to the board.”
TECH Project
QPM spent the financial year developing the Townville Energy Chemicals Hub (TECH), a processing plant that will process ore received from New Caledonia to generate nickel sulphate, cobalt sulphate, high purity alumina and other by-products – leaving, for the first time ever in the world, almost zero waste products.
Traditionally nickel laterite ores have been processed using High Pressure Acid Leach (HPAL) technology, which utilises sulphuric acid leach under high temperature and pressure conditions. HPAL operations are categorised by high capital cost, long construction time, long ramp-up periods, poor performance and environmental concerns.
The DNi ProcessTM used by QPM utilises nitric acid leach under atmospheric conditions, which offers several benefits over the HPAL process:
- Extraction of all metals from nickel laterite ore
- Lower capital cost
- Shorter construction time
- Zero liquids discharge
- Very low solids discharge and potential to be zero solids discharge if inert residue is suitable for engineered landfill or other industrial use
Project schedule
