EFA set to fund QPM project!

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Queensland Pacific Metals is understood to have scored the support of Export Finance Australia for its $1 billion-odd battery metals project.Sources suggest the battery chemicals company will announce in the morning that it has been offered a letter of support from EFA for it to secure up to $250 million in debt funding for the company’s proposed TECH project in Townsville.The EFA funding would no doubt be conditional on a range of things, including due diligence, and satisfactory completion of a definitive feasibility study.The debt funding will be in addition to the $30 million equity the company was raising earlier this week.The company is also understood to have received eligibility letters or expressions of interest from nine domestic and international banks and three export credit/development funding agencies.Development financier NAIF is still in the picture as providing concessional debt funding.The project is being touted as potentially being negative net carbon given the plan to use waste gas from Bowen Basin coal mines as a power source.Queensland Pacific Metals has Korean companies LG and POSCO on its register, and has them lined up as offtake partners for the nickel and cobalt TECH will produce.