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Pure Minerals to acquire emerging battery-metals company

Pure Minerals Ltd. said Oct. 15 it signed a deal to acquire Queensland Pacific Metals Pty. Ltd., an emerging battery-metals company seeking to develop a plant in Townsville in Queensland, Australia, to produce nickel sulfate and cobalt sulfate.

Queensland Pacific Metals also has an ore supply agreement with two companies in New Caledonia for 600,000 tonnes of nickel and cobalt ore per year for five years starting in June 2020. Pure Minerals expects to use the ore as a baseload feed for its planned processing plant.

Pure Minerals will pay A$500,000 cash and 400 million shares to acquire Queensland Pacific Metals.

Queensland Pacific Metals plans to start feasibility studies on developing the plant to process 600,000 wet tonnes of nickel-cobalt ore per year to produce 25,000 tonnes of nickel sulfate and 3,000 tonnes of cobalt sulfate per year.

It also plans to explore for other sources of ore to complement the baseload feed, including at its Eden Garry Serpentinite Ridge project in Queensland.

Queensland Pacific Metals director John Downie will join Pure Minerals' board at the close of the transaction.