GM Invests $69M In Australian Mining Company - What's The Benefit? - General Motors (NYSE:GM)

General Motors Co GM has made a strategic investment in Queensland Pacific Metals of Australia to secure a new source of nickel and cobalt for Ultium battery cells.
As part of the agreement, GM is expected to invest up to $69 million in Queensland Pacific Metals for the development of its proposed Townsville Energy Chemicals Hub (TECH) Project in Northern Australia.
The TECH Project is expected to begin construction in 2023.
The battery materials refinery is being developed in response to the growing demand for battery materials for electric vehicles, particularly nickel and cobalt.
Also Read: GM Unveils New Business Unit Called 'GM Energy' - Offers Storage & Management Services
The nickel and cobalt procured will power a broad portfolio of trucks, SUVs, vans and luxury vehicles from GM, including the Chevrolet Silverado EV, GMC HUMMER EV Pickup and SUV, Cadillac LYRIQ, Chevrolet Blazer EV and Chevrolet Equinox EV.
Price Action: GM shares are trading higher by 0.72% at $32.32 in premarket on the last check Wednesday.
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GM Invests $69M In Australian Mining Company - What's The Benefit?