- The QLD Government has declared Queensland Pacific Metals’ (QPM) Townsville Energy Chemicals Hub (TECH) Project a ‘Prescribed Project’
- This project status essentially classifies the TECH Project as economically and socially significant to the state of Queensland
- The TECH Project is being developed into a sustainable producer of critical metals for the lithium-ion battery and electric vehicle sector
- It’s set to generate more than 800 construction jobs and directly employ over 300 people in operations
- QPM’s shares are up 1.89 per cent to trade at 27 cents at 10:58 am AEST
The Queensland Government has declared Queensland Pacific Metals’ (QPM) Townsville Energy Chemicals Hub (TECH) Project as a ‘Prescribed Project’.
A Prescribed Project is considered economically and/or socially significant to the region, in this case, Queensland as a whole.
This declaration also grants the Coordinator-General the power to intervene, if necessary, in state and local government approval processes to ensure timely decision making.
The TECH Project is located in Townsville and is being developed into a sustainable producer of critical metals for the lithium-ion battery and electric vehicle sector.
According to QPM, the project will produce nickel sulphate, cobalt sulphate, high-purity alumina (HPA) and other by-products and, while doing so, leaving almost zero waste products.
Managing Director Stephen Grocott commented on the declaration.
“QPM greatly appreciates the support of the Queensland Government and all stakeholders who supported our application for Prescribed Project status,” he said.
“In the past 18 months, QPM has progressed the TECH Project in leaps and bounds and we continue our path of becoming a sustainable producer of critical battery metals. The TECH Project will generate 800+ jobs in construction and directly employ 300+ people in operation.”
The company said project approvals were progressing well and the Prescribed Project status would help with overcoming any hurdles that might arise.
QPM’s shares are up 1.89 per cent to trade at 27 cents at 10:58 am AEST.