PM1

Pure Minerals secures offtake deal with LG Chem for TECH nickel-cobalt project

Aspiring battery chemicals producer Pure Minerals (ASX: PM1) has entered into an agreement with South Korean company LG Chem for the supply of nickel and cobalt offtake from the Townsville Energy Chemicals Hub (TECH) project, which is wholly-owned by Pure Minerals’ subsidiary Queensland Pacific Metals.

LG Chem is the largest diversified chemical company in Korea and a major manufacturer of lithium-ion batteries for electric vehicle and other markets.

It is seeking to purchase up to 10,000 tonnes of contained nickel and approximately 1,000t of contained cobalt from TECH, in a combination of mixed hydroxide precipitate and final battery chemical sulphate

LG Chem’s demand exceeds the capacity of the plant Pure Minerals has agreed to evaluate the possibility of increasing the scale of the TECH project to meet the greater demand.