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Diatreme secures second silica off-take deal for Galalar project

Diatreme Resources Ltd. signed a second 12-month memorandum of understanding for the potential supply of photovoltaic grade silica sand from its Galalar silica project in Queensland, Australia.

The company agreed to supply up to 500,000 tonnes per annum of the product to a private Chinese firm, Wan Zhong Investment Group.

The final product pricing will be agreed before signing a binding agreement, according to the Sept. 19 release.

Diatreme previously signed an MOU in mid-July for the supply of up to 500,000 tonnes of photovoltaic grade silica sand to Anhui Fengsha Mining Group Co. Ltd.

A recent scoping study indicated that the Galalar project can become a low cost and premium quality silica producer in the near term. The study outlined a pretax net present value of A$231 million, a 150% internal rate of return and an eight-month payback period.