Today, Sibelco has completed ahead of schedule its second tranche investment of AUD 24 million into the JV company with Diatreme, Cape Silica Holdings Pty Ltd. and increases its joint venture interest by 16.8% to 26.8% . This investment builds upon the tranche 1 investment of AUD 11 million which was completed on 2 Dec 2022.
Sibelco’s second tranche investment was priced at a ‘look through’ value of AUD 160 million for the Far North Queensland silica sand projects, with Diatreme currently advancing its flagship Northern Silica Project (NSP) towards development.
Ian Sedgman, Sibelco’s Chief Strategy and Business Development Officer
Since our strategic partnership was reached last year, we have been pleased with the joint venture’s progress in advancing the development of these world class high purity silica sand projects. Our early payment highlights our support for the joint venture and confidence that it will deliver this key resource, which the world’s speciality glass market desperately needs at a time of rapid solar PV growth and accelerating global decarbonisation.
Sibelco’s Chief Strategy and Business Development Officer