Pure Minerals Ltd (ASX:PM1) (FRA:4EA.F) has entered into a binding reservation deed with Townsville City Council (TCC) for the land allocated for the TECH Project of wholly-owned subsidiary Queensland Pacific Metals Pty Ltd (QPM), which aims to produce critical battery chemicals.
This land was previously conditionally allocated in the Lansdown Eco-Industrial Precinct, which TCC envisions becoming Northern Australia’s first environmentally sustainable advanced manufacturing, processing and technology hub.
Ideal fit for Lansdown
The TECH Project is an ideal fit for Lansdown, as QPM aims to produce critical battery chemicals in an environmentally friendly manner, with zero liquids discharge and potentially zero solids discharge.
Through QPM, the rezoning of Lansdown from rural to high-impact industrial use has also been completed, which is timely as work programs associated with environmental approvals begin to step up.
As part of the recent Queensland State election, the Queensland Labor Government announced $12 million in funding for Lansdown to upgrade road and rail infrastructure.
“Proceed with confidence”
Pure Minerals chief executive officer Stephen Grocott said: “The reservation deed secures the TECH Project’s home at the Lansdown Eco-Industrial Precinct.
“We look forward to the TECH Project becoming a cornerstone of this Townsville City Council initiative.
“QPM can now proceed with confidence with respect to other infrastructure and service agreements required to bring the TECH Project into fruition.”
The key terms of the reservation deed are:
- $50,000 reservation fee payable by QPM to TCC, rebated against any future sale and purchase agreement;
- Land is reserved for QPM for a period of 24 months; and
- QPM and TCC will negotiate a binding sales and purchase agreement for the land within this 24 month period.
Enviornmentally sustainable processing estate
Townsville Mayor Jenny Hill said the signing of the land reservation deed with QPM was another important milestone in the development of the jobs-generating Lansdown Eco-Industrial Precinct.
She said: “Townsville City Council looks forward to continuing to work with QPM to bring its project to fruition at Lansdown.
“Lansdown will be Northern Australia’s first environmentally sustainable, advanced manufacturing, processing and technology estate powered by locally-generated renewable energy.
“It has the potential to create thousands of direct and indirect jobs, ensuring the long-term sustainability of the North Queensland economy.”