- Poseidon Nickel (POS) confirms receipt of a $119.6 million Modern Manufacturing Initiative (MMI) grant from the Federal Government for the development of Kalgoorlie battery cathode active material refinery hub
- In partnership with Pure Battery Technologies (PBT), Poseidon submitted a joint application for the grant in September 2021
- Poseidon believes that the support from the Federal Government is a “major step forward” for the proposed refinery, which will initially produce up to 50,000 tonnes per annum of precursor cathode active material (pCAM)
- POS shares were up 6.9 per cent at 9.3 cents
A proposed Kalgoorlie battery cathode active material refinery hub, developed in partnership by Poseidon Nickel (POS) and Pure Battery Technologies (PBT), has been awarded a $119.6 million Modern Manufacturing Initiative (MMI) grant from the Federal Government.
Nickel explorer Poseidon and Pure Battery Technologies submitted the joint application for the grant in September 2021.
PBT is an Australian-based company with an international nickel and cobalt refining operation in Germany (owned via a subsidiary) that is advancing its plans to initially produce up to 50,000 tonnes per annum of precursor cathode active material (pCAM) from the proposed Kalgoorlie refinery.
The partnership believes that the support from the Federal Government is a “major step forward” for the proposed pCAM hub which would benefit Poseidon by maximising margins on concentrates supplied to the refinery and potentially be able to treat a broader range of nickel concentrate specifications. This would unlock significant additional value from Poseidon’s large nickel sulphide resource base near Kalgoorlie.
Managing Director and CEO Peter Harold reiterates the benefits and believes “Poseidon is well placed to be a major beneficiary”.
In announcing the grants, Prime Minister Scott Morrison said: “We’re helping grow the local critical minerals processing and clean energy industries and locking in the
future of those industries by backing manufacturing projects in Australia.”
Poseidon and Pure Battery Technologies entered into a Memorandum of Understanding (MoU) in October 2021, and have worked together to execute a definitive agreement that will detail how the parties can collaborate to fund and develop a regional supply chain from mine to concentrate.
POS shares were up 6.9 per cent to 9.3 cents at 10:30am AEDT.