Diatreme receives funding boost from partner in Australian silica sands venture
Diatreme Resources' joint venture (JV) partner, Sibelco Silica, has exercised its call option to subscribe for additional shares in the companies' Cape Silica Holdings venture for $4.4-million.
Diatreme now owns 73.2% of Cape Silica Holdings while Sibelco holds 26.8%.
Cape Silica Holdings is a consolidation of Diatreme’s silica sands projects in Australia.
Diatreme says this funding boost is timely considering the feasibility study that the company is advancing for its flagship Northern Silica project. The company is also advancing its Far North Queensland silica sands projects in tandem as a regional development initiative.
“This ongoing show of support and funding will allow the project to continue its advance towards mining activity, creating valuable jobs and investment and furthering the energy transition through solar generation,” Diatreme comments.