Queensland Pacific Metals Ltd (ASX:QPM) has received strong validation of its strategy from the Queensland Government which has designated Significant Investment Project status for the company’s Tech Project at Lansdown in the state’s north.
This is part of the state government’s Significant Investment Facilitation (SIF) Program established to support projects of economic significance to Queensland.
It is set to benefit QPM as the SIF aims to ensure significant projects are provided with the necessary support from government to facilitate prospective investment.
“Tremendous” support
QPM’s managing director and CEO Dr Stephen Grocott said: “We are honoured and delighted to receive Significant Investment Project designation under the Significant Investment Facilitation program by the Queensland Government.
"We look forward to working with the steering committee established for QPM with the view of securing investment in the TECH Project.
"With our Prescribed Project status, support for QPM from the Queensland Government has already been tremendous, but we look forward to exploring other opportunities that will greatly assist us in achieving a Final Investment Decision.”
Shares higher
Under the SIF program, to determine economic significance to the state, consideration is given to alignment with contemporary government policy initiatives, potential economic benefit to Queensland, investment readiness and project feasibility and capacity of the proponent.
This has seen the company’s shares increase by as much as 9.53% this afternoon to $0.115 while the company’s market cap has grown to approximately $188.26 million.