Diatreme Resources (ASX:DRX) Awarded Major Project Status for Northern Silica Project
Major Project Status
Diatreme Resources Limited (ASX:DRX) has been awarded Major Project Status for its Northern Silica Project by the Australian Government, marking the first such designation in Queensland. The Major Projects Facilitation Agency will assist in coordinating federal approvals and negotiating with state agencies.
Project Details
The Northern Silica Project (NSP) is located approximately 35 km north of Hope Vale and 14 km west of the Port of Cape Flattery. Initial mining is projected at 3.75Mtpa during Phase 1, expanding to 6.25Mtpa in Phase 2, with a mine life of 25 years. The established resource stands at 235Mt, with 151Mt slated for mining. Key infrastructure includes an onsite processing plant, conveyors, stockpiles, and maritime infrastructure at the port. The NSP is expected to create over 120 local jobs and boost the regional economy.
Executive Comments
CEO Neil McIntyre stated, “The award of Major Project Status is an important recognition of the NSP’s strategic importance as both a world-class high purity silica resource, and its potential to directly contribute to the energy transition, specifically the globally important solar photovoltaic supply chain powering the clean energy revolution. The Major Project Status designation will assist us as we progress the NSP through the final permitting and development phases as we enter offtake negotiations and embark on assembling project financing together with our joint venture partner, global materials solutions provider Sibelco Asia Pacific. Creating a viable economic project that has clear community support and regional benefits whilst delivering strong returns for our shareholders has always been our goal and we are delighted by this Federal Government support at this key stage in the NSP’s development.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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