Shulou(Shulou.com)11/24 Report--

October 12, according to foreign media reports, General Motors said Tuesday that it will invest up to 69 million US dollars in Australia Queensland Pacific Metals to obtain new nickel and cobalt sources to manufacture electric vehicle batteries.

Under a law passed in August, automakers must source battery minerals from countries with free trade agreements to qualify for U.S. consumer electric vehicle tax credits. GM said the investment would help incentivize consumers under the policy. In addition, the laterite nickel ore is expected to be processed using a new proprietary process that will help reduce waste.

GM's investment is understood to support its proposed Townsville Energy Chemical Centre (TECH) project in northern Australia, where high-grade nickel laterite mines will be imported from nearby New Caledonia.

GM has signed an agreement to ensure the safety of all battery raw materials to meet its goal of producing 1 million vehicles a year in North America by the end of 2025, and the new partnership builds on that agreement, hoping to ensure supply within a decade.

Stephen Grocott, CEO of Queensland Pacific Metals, said:"GM's investment in the company and related subsidies have brought us one step closer to building the TECH project. "

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