An emerging resources producer has made a major international deal with an Asia based processor for a $135.7 million mineral project in Far North Queensland.
Diatreme Resources recently signed a memorandum of understanding with China-based Fengsha Group for the Galalar Silica Project north of Cooktown, 330km north of Cairns.
The deal involves Diatreme potentially supplying up to 500,000 tonnes per annum of photovoltaic grade (sub 100 parts per million [ppm] iron oxide) silica sand to Fengsha, which will further process the sand in China to create sub 50 ppm and sub 30 ppm iron oxide high-end silica for photovoltaic glass, thin-film-transistor glass and automotive paints.
There is potential to supply an extra 250,000 tonnes of silica product, depending on the result of further testing for chemical processing in China.
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“This is an extremely significant agreement for Diatreme as we work to unlock the potential of the Galalar project, in partnership with the traditional owners, Hopevale Congress,” Diatreme CEO Neil McIntyre said in a public statement.