Pure Minerals (PM1) was up as much as 24. 3 percent today after the conclusion of a Memorandum of Understanding (MoU) with the battery manufacturer Samsung SDI.
In this agreement, the Samsung spin-off will purchase up to 6,000 tons of nickel per year from the Townsville Energy Chemical Hub (TECH) project.
The TECH project will process high quality nickel-cobalt laterite ore imported from New Caledonia to produce battery chemicals for the electric vehicle sector.
In March, a pre-feasibility study found that Pure 26. Can produce 400 tons of nickel sulfate per year, 3100 tons of cobalt sulfate per year, and 4000 tons of high purity aluminum oxide (HPA) per year.
As part of the agreement, both Pure Minerals and Samsung SDI have agreed to enter into a binding purchase agreement to cover the nickel purchase.
The initial term of the off-take agreement is three to five years and the pricing reflects the underlying commodity prices on the London Metals Exchange.
« We are excited to have the opportunity to partner with Samsung SDI to become a potential customer of the TECH project, » said CEO Stephen Grocott.
« We are consistently gaining traction with end users who view Pure Minerals as a potential part of their future supply chain. This is reflected in the MoUs that we have signed so far with LG Chem and Samsung SDI, « he added.
Pure Minerals is still 24. 3 percent when trading stocks at 4th. 6 cents at 12:18 p.m. AEDT.
Pure Minerals, Samsung SDI Co, ASX: PM1, Mineral
World News – AU – Pure Minerals (ASX: PM1) signs MoU with Samsung SDI – The Market Herald
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