Queensland Pacific Metals: $1.4bn funding in financial year results

Queensland Pacific Metals continues its push for a renewables battery plant near Townsville, and its year-end results show huge institutional backing.

A sign for the proposed Queensland Pacific Metals TECH Project at the Lansdown Eco-Industrial Precinct at Woodstock, near Townsville. Picture: Blair Jackson

The company looking to build a carbon-negative battery refinery plant near Townsville has secured more than $1.4bn in funding this year.

Queensland Pacific Metals’ Townsville Energy Chemicals Hub (TECH) Project will be a battery and critical minerals refinery, producing nickel, cobalt and high purity alumina for lithium-ion and electric vehicle batteries, and high-grade hematite for steel.

The company will pipe waste coal gas from the northern Bowen Basin at Moranbah to the TECH facility, about 40km south of Townsville.

As well as refining, the project aims to generate and distribute electricity in Townsville.

Director Stephen Grocott said the state government recognised the benefits of the project with declarations which would assist development.

Queensland Pacific Metals’ projects across the state.

Engineering firm Monadelphous had been engaged which should reduce construction timelines and generate capital cost savings, Mr Grocott said.

QPM’s annual report was released on Friday, outlining the massive financial support secured recently.

Queensland Pacific Metals executive director John Downie and managing director Stephen Grocott with the company's first nickel-cobalt product produced at a pilot plant in Perth, in 2021.

Indicative and conditional funding of more than $1.4bn was received this past financial year.

Export Finance Australia ($250m), Northern Australia Infrastructure Facility (up to $250m) Export Development Canada ($400m) and Euler Hermes (up to $500m) – trade credit insurers now known as Allianz Trade – are on board.

QPM has received letters of interest from Korea Trade Insurance Corporation “and several international commercial banks”, the company’s annual report stated.

The proposed Queensland Pacific Metals hub near Townsville.

The TECH Project is estimated to have a negative carbon footprint of 989,213 tonnes – equivalent of about 215,000 cars – of carbon dioxide emissions per year.

The TECH Project will be at the Lansdown eco industrial precinct near Townsville.

QPM posted a $39m operational loss this financial year, as it works to progress a definitive feasibility study and achieve a final investment decision for the TECH Project.

The company has a market cap of $123.06m and its share price increased 4.6 per cent on Tuesday.

Originally published as Queensland Pacific Metals: $1.4bn funding in financial year results