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Pure Minerals in trading halt with financing update and capital raising news pending

The company’s TECH project will be a battery chemicals refinery in Townsville producing nickel sulphate, cobalt sulphate and HPA from imported, high-grade lateritic ore from New Caledonia.

Pure Minerals Ltd -  Pure Minerals in trading halt ahead of financing update and capital raising
Work is underway to complete the pilot plant test work and DFS at the TECH project

Pure Minerals Ltd (ASX:PM1) has been granted a trading halt ahead of an announcement on financing and a capital raising.

The trading halt will be in place until the start of normal ASX trading on Friday, May 1, 2020, or when an announcement is released to the market, whichever occurs earliest.

Updated PFS for TECH project

Pure Minerals and its wholly-owned subsidiary Queensland Pacific Metals Pty Ltd (QPM) recently received positive results from an updated pre-feasibility study for the Townsville Energy Chemicals Hub (TECH Project) in North Queensland.

The revision of the December 2019 PFS includes the addition of a high purity alumina (HPA) refinery and optimisation work to reduce gas and water consumption and consequentially, operating costs.

Pure Minerals managing director John Downie said the update confirmed that the TECH Project had the potential to deliver excellent economic returns and remain financially robust in downward price cycles.

He said: “The Updated PFS demonstrates that the TECH Project can be a significant supplier of battery chemicals, generating robust financial returns with soft commodity prices and excellent financial returns in stronger commodity cycles.

“The strong economics for the TECH Project will appeal to offtakers and strategic investors who are seeking to support projects that can delivery certainty of supply at all times.”

Quick facts: Pure Minerals Ltd

Price: 0.013 AUD

ASX:PM1
Market: ASX
Market Cap: $8.17 m
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Full interview: Pure Minerals' PFS confirms strong economic potential for...

Pure Minerals Ltd (ASX:PM1) managing director John Downie updates Proactive on a positive pre-feasibility study for the Townsville Energy Chemicals Hub (TECH) Project in North Queensland, which confirms its strong economic potential. The Townsville hub will include a battery chemicals...

on 10/12/19

2 min read