Mining and energy group Queensland Pacific Metals (QPM) has unveiled a strategic overhaul aimed at accelerating growth and advancement of its gas and energy assets.
The ASX-listed company has chosen to prioritise the expansion and enrichment of its Moranbah gas project in the Bowen basin.
At the same time, QPM will scale back expenditures related to its TECH project, given challenging market conditions for nickel and battery metals. The TECH project, in Townsville, will be a battery materials refinery, processing imported, high-grade laterite ore from New Caledonia to produce nickel sulphate and cobalt sulphate.
Despite curtailing spending, QPM has said it remains committed to advancing the TECH initiative and that it will explore alternative funding avenues and partnerships to propel the project forward.
Given the shift in the group’s focus, David Wrench, current CEO of QPM Energy, will assume the role of CEO of QPM. At the same time John Abbott will transition from chairperson to nonexecutive director, Stephen Grocott will shift from MD and CEO to nonexecutive director, concentrating on the TECH project, while Ariel ‘Eddie’ King will assume the role of interim chairperson.
“Since completing the acquisition of the Moranbah project, we have uncovered many exciting opportunities to grow production, reserves and customer sales. Accelerating these opportunities will position QPM Energy to take advantage of the tailwinds in the Australian gas and energy sector to deliver value for shareholders,” said Wrench.