The agreement, with a conditional commitment of A$106 million, will grant General Motors (GM) the right to purchase uncommitted nickel and cobalt sulphate produced by Queensland Pacific Metals (QPM) over 15 years from its proposed Townsville Energy Chemicals Hub.
QPM received a non-binding letter of support from Export Finance Australia (EFA) for up to A$250 million in debt funding for the project.
In welcoming this agreement, Minister Farrell highlighted Australia’s important role as a global supplier of critical minerals, with both the resource potential and workforce capability to meet rising global demand.
“We are very supportive of commercial efforts to attract international capital and offtake contracts to develop Australia’s critical minerals sector and value-added capacity,” Mr Farrell said.
Minister King welcomed the deal.
“This is another great example of Australia using its innovation, technological know-how, and resources processing expertise to fulfil its vision of becoming a global renewable energy superpower,” Minister King said.
“There are huge opportunities for job creation and economic growth in Australia’s growing critical minerals capability.”
Minister Farrell said the agreement was another example of Australia forging mutually-beneficial critical minerals partnerships with our major trading partners.
“Australian and US businesses understand the need to ensure reliable supply chains as the world transitions to net zero emissions,” he said.
“Critical minerals are essential inputs to high-technology products including those driving the green energy transition
“The Albanese Government is committed to meaningful action on clean energy technologies to combat the climate crisis and wish this venture every success.”
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