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Pure Minerals to snap up battery minerals play Queensland Pacific Metals

Mining News - Published on Wed, 17 Oct 2018

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Pure Minerals agreed to snap up 100% of battery metals focussed Queensland Pacific Metals Pty Ltd, which has locked in ore supply agreements and plans to develop a nickel and cobalt sulphate plant in Queensland. Under the binding option agreement, Pure Minerals has paid a USD 75,000 deposit and has 45 days to carry out due diligence on Queensland Pacific and its assets. If Pure Minerals elects to proceed with the acquisition after the due diligence period, it will immediately issue 66.68 million shares to the vendors, as well as USD 500,000 in cash. A further 333.32 million shares will be issued to the vendors upon Pure Minerals reaching various development milestones. Post acquisition Pure Minerals will have an enterprise value of USD 2.7 million.

Additionally, current Queensland Pacific director John Downie will join Pure Minerals’ board. Pure Minerals chairman Jeremy King said the acquisition of Queensland Pacific complemented the company’s focus on emerging battery minerals.

Mr King said that “Through Queensland Pacific’s unique relationships, Pure Minerals obtains leverage to secure production from world-class nickel and cobalt deposits without the attendant geological, mining or engineering risks.”

Queensland Pacific plans to begin feasibility studies into developing the 600,000 wet metric tonne per annum nickel and cobalt processing plant in Townsville.

As part of the plan, Queensland Pacific has secured initial five-year ore supply agreements with New Caledonia-based Societe des Mines de la Tontouta and Societe Miniere Georges Montagnat SARL.

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Posted By : Rabi Wangkhem on Wed, 17 Oct 2018
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