Australia's Queensland Pacific Metals climbs on limonite ore purchase deal

QPM Energy

01/03/2022 02:56

** Shares of Queensland Pacific Metals  QPM.AX  rise as much
as 15.4% to A$0.15 - stock to mark best day since July 1, 2021
if gains hold 
    ** Co says under a new binding ore supply deal, it can buy
up to 1 mln wet metric tonnes (wmt) of limonite ore yearly from
New Caledonian nickel producer Societe Le Nickel (SLN)
 urn:newsml:reuters.com:*:nASX5Dryfh
    ** Stock hits highest level since Feb. 22 
    ** QPM says the New Caledonia government announced an
increase to annual nickel ore export quota of SLN to 1 mln wmt
per annum, valid until 2029
    ** Says deal is targeting a typical limonite ore
specification of 1.6% nickel and 0.18% copper
    ** Stock down 21.2% YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))