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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 Société Le Nickel (“SLN”),
- Binding ore supply agreement entered into with Societe Le Nickel, a subsidiary of Eramet group, for up to 1,000,000 wmt per annum.
- Targeting a typical limonite ore specification of 1.6% Ni and 0.18%Co.
- Five year ore supply term with five year extension, subject to mutual agreement.
- The purchase of limonite ore by QPM is mutually beneficial as there are limited consumers of pure limonite ore globally.
- QPM's TECH Project offers a long term solution to processing limonite- New Caledonia has large quantities of in-situ limonite which needs a processing solution.
- SLN and QPM have also agreed to continue to explore other partnership opportunities regarding additional ore supply and potential TECH Project participation.
On Tuesday 15 February 2022, a press conference in New Caledonia was held by the President of New Caledonia, Louis Mapou, and SLN. At the press conference, it was announced that the Government of New Caledonia had approved an increase in the annual nickel ore export quota of SLN. This increase includes the supply of up to 1,000,000 wet metric tonnes (“wmt”) of nickel ore per annum to QPM. The approval is valid through to 2029, in line with SLN’s existing export approvals that are currently in place.
The execution of the Agreement and New Caledonian Government approval follows on from the Memorandum of Understanding (“MOU”) entered into between SLN and QPM in April 2021. That MOU contemplated ore supply of 800,000 wmt per annum. QPM is delighted to achieve an outcome that secures a greater level of tonnage.
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