Hope Vale Congress Aboriginal Corporation holds a 12.50% interest in the Galalar project as the representative body for the traditional owners of the area.
Sibelco has become a major shareholder in Diatreme Resources Ltd.
In addition, Sibelco and Diatreme have agreed a joint venture to develop Diatreme’s emerging Galalar Silica Project and Northern Resource Project, supported by an investment from Sibelco of $35 million, split into two tranches of $11 million and $24 million respectively. The investment is subject to approval by Australia’s Foreign Investment Review Board (FIRB).
The investment quantum and resultant 26.8% fully diluted interest are based upon progressive group silica project valuations of $110m and $160m respectively.
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