Staff Reporter
11 July 2024 10:47
The federal government has announced a total of $13 million in grants to Queensland Pacific Metals and Renascor Resources through the International Partnerships in Critical Minerals program.
Each grant supports up to half of project costs, with $5 million to Renascor Resources for its pilot purified spherical graphite (PSG) project and $8 million to Queensland Pacific Metals to produce battery-grade nickel and cobalt sulphate suitable for use in electric vehicle batteries. Both companies are ASX-listed.
“We have a rich endowment of the critical minerals required for renewable energy technologies and our Strategy will ensure Australia is well positioned to provide these resources as the world transitions to net zero,” said resources minister Madeleine King in a statement on Thursday.
“The road to net zero runs through Australia’s resources sector.”
Renascor is set to become Australia’s first vertically-integrated graphite manufacturer through its planned Battery Anode Material graphite mine and manufacturing operation (BAM Project) in South Australia, according to release.
“With this grant funding, we will now be able to build upon the significant work already completed on our downstream processing designs and further demonstrate that our eco-friendly, Hf-free purification technology can deliver a globally competitive PSG production operation,” said Managing Director David Christensen in a statement to the ASX.
In its own comments to the ASX on the news, QPM said that the grant represented a step towards securing funding to advance its TECH (Townsville Energy Chemicals Hub) project.
“In line with [the] Company’s strategic focus on growing its energy business, the matching funding required to support this grant will be [independently] sourced” it added,
“Discussions with commercial partners and the Queensland Government to secure these funds are ongoing.”
Picture: Artist impression of TECH (credit QPM)
Further reading
Critical minerals receive multi-million dollar support under Future Made in Australia policy
GM invests in Queensland battery metals group
QPM produces on-spec nickel sulfate in pilot testwork