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The binding ore supply agreement is expected to begin in 2024.
Under the scope of the deal QPM is targeting limonite ore specification of 1.6% nickel and 0.18% cobalt, to use at its Townsville Energy Chemicals Hub.
The company will need up to 2.1 million tonnes of nickel ore for the project.
It has existing ore supply agreements with New Caledonia companies Société Le Nickel, Société des Mines de la Tontouta and Société Minière Georges Montagnat.
QPM managing director Dr Stephen Grocott said he was pleased to enter into an agreement with MKM.
"We look forward to working with them and the other New Caledonian mining companies to maximise clean ore supply," he said.
"We now have agreements with four mining companies in New Caledonia, strengthening our ties to the country and increasing our security of ore supply."
MKM general manager Christian Taupua said his company was happy to contribute to the establishment of an innovative metallurgical plant.
"The possibility that QPM can accommodate Caledonian nickel ore is an opportunity for us and for all Caledonians miners," Taupua said.
