Queensland Pacific Metals

Ore Supply Agreement Executed With SMGM

Queensland Pacific Metals Ltd (ASX:QPM) (“QPM” or “the Company”) is pleased to announce that it has entered into a binding ore supply agreement (“Agreement”) with SMGM.


Highlights

  • Binding ore supply agreement entered into with Société Minière Georges Montagnat (“SMGM”), a significant New Caledonian mining company, for up to 200,000 wmt per annum.
  • Targeting a typical limonite ore specification of 1.5% Ni and 0.18% Co.
  • Ten year ore supply term.
  • Additional diversification to existing ore supply agreements with Société Le Nickel (“SLN”) and Société des Mines de la Tontouta (“SMT”).
SMGM was one of the original supporters of QPM and the TECH Project and QPM is delighted to have formalised this agreement with SMGM. QPM previously had its ore supply tonnage covered in contracts with SLN (see ASX announcement 1 March 2022) and SMT (see ASX announcement 2 June 2022). However, this agreement with SMGM adds further diversification to QPM’s ore suppliers, providing additional comfort to financiers with regards to security of ore supply.

QPM Managing Director Dr Stephen Grocott commented,

“I am pleased to enter into this agreement with SMGM. We now have agreements with three mining companies in New Caledonia, strengthening our ties to the country and increasing our security of ore supply.SMGM has been a strong supporter of the TECH Project for a long time and we look forward to having a long term partnership that delivers value to both companies.”

SMGM Managing Director Mr. Xavier Gravelat commented,

“Our Company is pleased to provide its ore to a modern and innovative project designed to produce good quality nickel that is respectful of environmental issues. It is a great satisfaction to be able to contribute to the development of a clean and sustainable nickel.”

About SMGM

Société Minière Georges Montagnat (SMGM) was founded in 1956 by Georges-Louis MONTAGNAT. The company’s activities are related to mining in particular discovering new deposits, ore extraction, transport, stock piling, lighterage, and ship loading. SMGM also works as a subcontractor for the Société Le Nickel (SLN).

SMGM operates on mining centers located in Koumac, Tontouta and Ouinné, a lateritic deposit. The company’s major buyers are in New Caledonia, Japan and in China. Laterite ore was also exported to Australia from 2000 to 2013.


Click here for the full ASX Release

This article includes content from Queensland Pacific Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

QPM:AU
The Conversation (0)
Element 25 Limited

Element 25 Signs US$85M Supply Deal with GM for Manganese Sulphate

Element 25 (ASX:E25) has signed a deal with General Motors (NYSE:GM) to supply the car manufacturer 32,500 tonnes of manganese sulphate annually, according to a news report by Reuters.

Keep reading...Show less
FPX Nickel (TSXV:FPX)

FPX Nickel


Keep reading...Show less
Nickel bars.

Nickel Price Update: Q3 2024 in Review

Nickel saw solid price momentum in the first half of the year, benefiting from investor sentiment and speculation across commodity markets that saw surge in prices for both precious and base metals.

However, price highs were short-lived as nickel supply and demand fundamentals provided pressures that saw steep declines.

Among the influences has been a supply of laterite nickel flooding the market out of Indonesia, which is a contributing factor to mine curtailments in New Caledonia, Australia, and Europe. Meanwhile, high demand for battery production in China has yet to reach levels to make up for the oversupply in the market.

Keep reading...Show less
Blackstone Minerals

Blackstone Completes Institutional Component of Entitlement Offer

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce that it has completed the institutional component (“Institutional Entitlement Offer” or “Institutional Offer”) of its partially underwritten accelerated non-renounceable pro rata entitlement offer as announced on 4 November 2024 (“Entitlement Offer” or “Offer”).

Keep reading...Show less
Blackstone Minerals

Launch of $4M Accelerated Partially Underwritten Entitlement Offer

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce that it is undertaking a partially underwritten accelerated non-renounceable pro rata entitlement offer of new fully paid ordinary shares in the Company (“Shares”) on the basis of one (1) new Share (“New Shares”) for every four (4) existing Shares held, to raise up to approximately A$4 million (before costs) (“Entitlement Offer” or “Offer”).

Keep reading...Show less
Ramp Metals (TSXV:RAMP)

Ramp Metals


Keep reading...Show less
Blackstone Minerals

Blackstone Minerals Limited (ASX: BSX) – Trading Halt (2+2)

Description

The securities of Blackstone Minerals Limited (‘BSX’) will be placed in trading halt at the request of BSX, pending it releasing an announcement regarding the outcome of the institutional component of the accelerated entitlement offer. Unless ASX decides otherwise, the securities will remain in trading halt until the commencement of normal trading on Wednesday, 6 November 2024.

Keep reading...Show less

Latest Press Releases

Related News

×