GM in Collaboration Agreement to Source Nickel From Australia
12 10월 2022 - 6:06AM
Dow Jones News
By Stephen Nakrosis
General Motors Co. said Tuesday it made a strategic investment
in Queensland Pacific Metals of Australia, securing a new source of
"cost-competitive nickel and cobalt for Ultium battery cells."
According to GM, it expects to make a $69 million equity
investment, which will help to accelerate nickel production at
Queensland Pacific's planned Townsville Energy Chemicals Hub
project in Northern Australia. Construction on the project is
expected to begin next year.
"The sustainable, high-purity battery materials refinery is
being developed in response to the growing demand for battery
materials for electric vehicles, particularly nickel and cobalt,"
GM said. The company added that nickel laterite ore is expected to
be processed "using a new and proprietary process that helps reduce
waste with no requirement of a tailings dam."
GM also said the long-term supply commitment builds on recent
deals that secured all raw material for batteries to support the
company's goal of "one million units of EV capacity in North
America by the end of 2025."
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 11, 2022 16:51 ET (20:51 GMT)
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