GM to take equity stake in Australian mining company

General Motors Co said on Tuesday it will invest up to $69 million and take an equity stake in Queensland Pacific Metals to secure a new source of nickel and cobalt for battery cells for use in the US automaker’s vehicles.

GM said the investment will help support electric-vehicle eligibility for consumer incentives under new, clean energy US tax credits. GM said the nickel laterite ore is expected to be processed using a new, proprietary process that helps reduce waste. Under a law passed in August, automakers must source battery minerals from countries with free trade agreements in order to qualify for the US consumer EV tax credits.

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