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Queensland Pacific Metals executes MoU with Port of Townsville for TECH Project access

The Port of Townsville has confirmed that there will be sufficient capacity available for the company to import up to 1.5 million tonnes of ore per annum and to export TECH Project production.

Queensland Pacific Metals Ltd - Queensland Pacific Metals executes MoU with Port of Townsville for TECH Project access
The parties intend to negotiate a commercial arrangement governing QPM’s use of the port.

Queensland Pacific Metals Ltd (ASX:QPM) (FRA:4EA) has signed a Memorandum of Understanding (MoU) with Port of Townsville Limited (POTL) regarding port access for the TECH Project.

Under the MoU, the Port of Townsville confirms that there is sufficient capacity available for QPM to import up to 1.5 million tonnes of ore per annum and to export requisite production associated with this volume of ore.

This gives confidence for an expansion of the TECH Project, knowing that there is sufficient port capacity to allow higher levels of ore importation than what was considered in the pre-feasibility study (PFS).

Capacity to increase scale

QPM CEO Stephen Grocott said: “Our confidence level in a larger scale TECH Project is increasing and knowing that there is sufficient capacity at a critical piece of infrastructure required to support the TECH Project’s logistic requirements is very important in our consideration of the scale of the project.

“We appreciate the support provided to date by POTL and look forward to working with them.”

Development options

POTL and QPM have agreed to assess development options at the Port of Townsville to meet QPM’s requirements including:

  • Capacity and constraints at existing port infrastructure including berths, rail, roads and land;
  • Development options to increase capacity and efficiencies to handle TECH Project volumes;
  • New infrastructure or equipment required to handle QPM imported ore and products; and
  • Site options for the development of storage facilities for QPM at the port.

OTL and QPM will negotiate in good faith with the aim to establish a commercial arrangement governing QPM’s use of the port.

Quick facts: Queensland Pacific Metals Ltd

Price: 0.092 AUD

ASX:QPM
Market: ASX
Market Cap: $103.08 m
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