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On 8 January 2019, Pure Minerals Limited (ASX:PM1) has announced that Queensland Pacific Metals Pty Ltd (QPM) had entered a Memorandum of Understanding (MoU) with Top Resources Group Limited. Top resource is a successful and experienced commodity marketing and trading company. It has strong relationships in China and the greater Asian region. The company has an option of acquiring Queensland Pacific, which is currently a privately-owned entity. The company was set up in the year 2011, and it has successfully assisted other ASX-listed companies which includes Metro Mining Limited and Rio Tinto Limited.
As per the MoU agreement, Top Resources has come to terms in assisting QPM in establishing relationships with companies in China and the greater Asian region. The company agreed with a view to secure offtake agreements or potential investments in the battery materials refinery that QPM proposed to build in Queensland. The refinery will produce nickel and cobalt sulphate, and other valuable by-products such as hematite, magnesium oxide, and high purity alumina.
Mr. Norman Ting, who has experience in commodity trading over 30 years approximately currently heads Top Resources. Mr. Ting was previously the Managing Director of Wogen Pacific, which is a subsidiary of Wogen Resources. Wogen is a leading trader of specialist and other minor metals within China and is based out of London. Wogen trades in commodities like nickel, cobalt and other base metals and related speciality chemical products of these metals. The company also acts as a marketing agent for Queensland Nickel Refineryâs cobalt chemicals in China.
Mr. Ting has experience of managing five offices of Wogen in Beijing, Shanghai, Guangzhou, Chengdu and Hong Kong, which a leading trader of cobalt, cadmium, antimony, tungsten, indium and mineral sands.
If Pure Minerals Limited exercises the option to acquire QPM, Top Resources and QPM will try to formally enter into a commercial agreement that will be mutually beneficial to them. The Director of QPM, John Downie said that the company is looking forward to work with Top Resources. He mentioned that China is a trading partner for all their products coupled with Top Resourcesâ ability to assist QPM in penetrating the markets, which enhance QPMâs chances of securing offtake agreements and potential investments.
However, the Director of Top Resources Norman Ting said that they are excited by this opportunity. Since there are concerns in China related to the political instability of the Democratic Republic of Congo region which is a primary supplier of cobalt, Chinese end-users would be happy to get cobalt supply from politically safe jurisdictions like Australia, especially Townsville since it has a strong track record of supplying nickel and cobalt chemicals to China.
At the time of writing, the stock price of Pure Minerals has been witnessing the negative momentum. The stock price is currently trading at $0.014 per share which implies that the stock has fallen A$0.001 per share or 6.667% on the intraday basis. The stock posted a return of 15.38% over the last three months with a 52-week high price of $0.026 and a 52-week low price of $0.011.
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