- Queensland Pacific Metals (QPM) signs an ore supply agreement with New Caledonian mining giant Société Minière Georges Montagnat (SMGM)
- The agreement involves the supply of up to 200,000 wet metric tonnes of ore per annum
- The ten-year supply agreement will commence in 2024, targeting a typical limonite ore specification of 1.5 per cent nickel and 0.18 per cent cobalt
- The company has now penned contracts with three mining companies in New Caledonia, which it says increases its security of ore supply
- Queensland Pacific Metals shares closed at 10.5 cents on Thursday afternoon
Queensland Pacific Metals (QPM) has signed an ore supply agreement with New Caledonian mining giant Société Minière Georges Montagnat (SMGM).
The agreement with SMGM involves the supply of up to 200,000 wet metric tonnes of ore per annum.
The ten-year supply agreement will commence in 2024, targeting a typical limonite ore specification of 1.5 per cent nickel and 0.18 per cent cobalt.
QPM said it was “delighted” to have formalised this agreement with SMGM, with the company having been one of the original supporters of QPM and its TECH project.
“SMGM has been a strong supporter of the TECH project for a long time, and we look forward to having a long-term partnership that delivers value to both companies,” QPM Managing Director Stephen Grocott said.
The new agreement adds “further diversification” to QPM’s ore suppliers, with existing contracts with Société Le Nickel (SLN) and Société des Mines de la Tontouta (SMT) already in play.
“We now have agreements with three mining companies in New Caledonia, strengthening our ties to the country and increasing our security of ore supply,” Dr Grocott said.
Queensland Pacific Metals shares closed at 10.5 cents on Thursday afternoon.