Queensland Pacific Metals Secures State Government Grant Funding for TECH Project

MT Newswires Live07-15

Queensland Pacific Metals (ASX:QPM) secured an AU$8 million grant funding from the Queensland state government to develop the Townsville Energy Chemical Hub (TECH) project, according to a Monday filing with the Australian Securities Exchange.

This follows a recent AU$8 million grant from the Australian federal government under the critical minerals program.

The newly secured funding will be used to advance the development of the project up until a coming up with a final investment decision, the company said.

The company is currently considering a demerger of its QPM Energy business, owner of the Moranbah gas project, from its TECH project business, allowing both projects to create value on their own, as per the filing.

Shares of Queensland Pacific Metals rose 3% on market close.

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