Strategic Partners

World class partners

In October 2022, General Motors and QPM announced the formation of a strategic collaboration via material investment and long-term offtake agreement. Under the Investment Agreement, GM agreed to invest up to US$69m in equity in QPM, comprised of an Initial Investment of up to US$25m and FID Investment of up to US$44m.

The pre-FID investment grants GM with an option over all non-committed Nickel and Cobalt production for the first 15 years of production. Notionally this would be:

  • Initially 6,000tpa contained nickel, increasing to 16,000tpa
  • 800tpa contained cobalt, increasing to 1,800tpa
  • Construction investment also provides GM with an option over all offtake for a potential Stage 2 expansion of the TECH Project

The outstanding ESG credentials of the TECH project, including zero solids waste and net-negative carbon emissions fit closely with GM’s values and supply chain requirements.

In addition, LG Energy Solutions and POSCO have also invested US$10.5m and US$4.5m respectively in exchange for offtake agreements, which include:

  • 7 year term + 3 year option
  • 7,000tpa nickel / 700tpa cobalt LGES
  • 3,000tpa nickel / 300tpa cobalt POSCO

All offtake agreement pricing is linked to commodity prices at the time of sale.

During the process of negotiating the offtakes agreements technical due diligence was undertaken by RPM Global focusing on process, scalability, ore supply and approvals pathway. This provided QPM with further external validation of the TECH Project process flowsheet.

About GM, LGES and POSCO

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all.

At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at

LGES is a leading global battery manufacturer.

Based on its 30 years of R&D experience, the company delivers advanced batteries, infused with cutting-edge technologies, to Electric Vehicles, Energy Storage Systems and Mobility & IT applications, across the world.

LG Energy Solution: “We believe the TECH Project will deliver sustainable nickel and cobalt production that is in line with LGES’ operating philosophy. And our proactive investments in the supply chain such as this will ultimately play a role in further satisfying our customers.”

POSCO is Korea’s largest fully integrated steel producer and one of the world’s largest steel producers.

In 2020 POSCO produced ~40.6Mt tons of crude steel and diversified line of steel products. POSCO also engage in businesses that complement steel manufacturing operations as well as seeking investment opportunities to diversify its businesses. POSCO’s affiliate companies are involved in a wide range of industries including chemicals, trading, engineering & construction and energy.

POSCO: “We are delighted to co-invest with LG Energy Solution in Queensland Pacific Metals. We look forward to building our relationship with QPM and assess other business opportunities that may arise between QPM and POSCO.”

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