Queensland Pacific Metals Ltd (ASX:QPM)’s Townsville Energy Chemicals Hub (TECH) Project has been declared a ‘Prescribed Project’ by the Deputy Premier of Queensland and Minister for State Development, Infrastructure, Local Government and Planning, Steven Miles.
A Prescribed Project is one of significance, particularly economically or socially, to Queensland and the declaration grants the Coordinator-General the power, if necessary, to intervene in state and local government approval processes to ensure timely decision making.
Progressing "in leaps and bounds"
“QPM greatly appreciates the support of the Queensland Government and all stakeholders who supported our application for Prescribed Project status,” QPM managing director Stephen Grocott commented.
“The TECH Project will generate 800-plus jobs in construction and directly employ 300-plus people in operation.
“In the last 18 months, QPM has progressed the TECH Project in leaps and bounds and we continue our path of becoming a sustainable producer of critical battery metals.
"We applaud the Queensland Government’s decision in recognising our project as one of state significance, in particular to Townsville and the surrounding region.”
Approvals for the TECH Project continue to progress well with the Prescribed Project status serving to further streamline the process and assist QPM in navigating any hurdles that may arise.
Shares at 13-year high
QPM’s share price is riding a 13-year high, with up to a 6% increase today. Shares have been as much as A$0.28 and the market cap before opening was approximately A$359.24 million.
The price has climbed over the last financial year, responding to the increased momentum of QPM’s TECH Project as it developed the battery materials processing plant to deliver in the 2022 financial year.
On track to be sustainable producer
Queensland Pacific Metals is actively working toward becoming a sustainable producer of critical chemicals for the lithium-ion battery and electric vehicle sectors with its Townsville TECH Project.
The project’s objective is to process ore received from New Caledonia to generate nickel sulphate, cobalt sulphate, high purity alumna and other by-products for battery materials. The project aims to achieve almost zero waste products for the first time in the world.
Recent board and personnel appointments enhanced the skillset of QPM’s team, strengthening their financial and logistical capabilities, especially reenforcing partnerships within New Caledonia, where QPM is sourcing its ore.