Jun 22, 2019

Refinery proponent adds $2m to coffers as plans advance

Refinery proponent adds $2m to coffers as plans advance

Townsville refinery proponent Pure Minerals (PM1) has raised $2.1 million in a share placement.

It comes as PM1 subsidiary Queensland Pacific Metals reports progress on its $415 million battery materials project, known as the Townsville Energy Chemicals Hub (TECH) Project.

Lead engineer for the TECH pre-feasibility study, Lycopodium Minerals, remains n track to complete that work in the third quarter of this year.

QPM has stepped up marketing efforts to potential customers and is continuing discussions on potential refinery sites in the Townsville area.

It plans to produce battery-grade nickel and cobalt sulphate from nickel-cobalt ore imported from New Caledonia.

TECH would have a throughput of about 600,000 wet tonnes of ore per annum to produce about 25,400 tonnes per annum of nickel sulphate and 3000 tonnes of cobalt sulphate.

“Since the completion of the acquisition of QPM, industry and investor interest in the company has grown significantly and we look forward to delivering shareholder value from the ongoing advancement of the TECH Project,” managing director John Downie said.

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