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Queensland Pacific Metals and General Motors are announcing a strategic collaboration

27 October 2022

Queensland Pacific Metals and General Motors have established a collaboration, via a material investment and a long-term offtake agreement.

By way of equity subscription in Queensland Pacific Metals, the conditional commitment is up to $108m. General Motors is granted the right to purchase all uncommitted nickel and cobalt sulfate produced in the first 15 years of Phase 1 of the TECH Project.

By undertaking an additional investment when Queensland Pacific Metals reaches a Final Investment Decision:

General Motors’s offtake rights for Phase 1 are extended to the project life,
General Motors is granted the right to purchase 100% of nickel and cobalt sulfate under a Phase 2 expansion of the TECH Project.

The TECH Project’s credentials align with the values and vision of General Motors and its transition towards electric vehicle production. The funding provided by General Motors will be used for the ongoing development and construction of the TECH Project.

Queensland Pacific Metals is entering into an investment agreement and offtake agreement with General Motors. The execution of these agreements represents the beginning of a long-term strategic collaboration between Queensland Pacific Metals and General Motors. General Motors’s equity investment and calibre as an offtake counterparty advance Queensland Pacific Metals closer to making a Final Investment Decision to construct the TECH Project.

Queensland Pacific Metals Managing Director, Dr Stephen Grocott commented:

“We are absolutely delighted to form this partnership collaboration with General Motors. GM’s strategic direction, company values and focus on sustainability in its pursuit of making electric vehicles for all is a perfect fit for Queensland Pacific Metals and our TECH Project. GM’s investment in our company and the associated offtake brings us one step closer towards construction of the TECH Project where we will one day aim to deliver the world’s cleanest produced nickel and cobalt. We thank GM for their support of our TECH Project and look forward to becoming part of the GM sustainably sourced raw material supply chain.”

Source: Queensland Pacific Metals