Diatreme to advance WA zircon project as funding is secured
JOHANNESBURG (miningweekly.com) - ASX-listed Diatreme Resources has completed a private placement to raise $490 000 through the issue of 24.5-million shares at $0.20 apiece.
The proceeds will be used to further advance its Western Australia-based Cyclone zircon project definitive feasibility study (DFS) and working capital, where it has now also signed an agreement with mining services company China ENFI Engineering Corporation for the completion of the DFS.
Under the agreements, China ENFI will also use its vast network within China's State-owned enterprise (SOE) and banking sectors to assist in sourcing potential project investors, offtakers and project debt funding.
ENFI is backed by the Metallurgical Corporation of China, one of the Asian nation's largest SOEs involved in the mining services sector, being a wholly-owned subsidiary of the China Minmetals Group.
The agreements come amid an improving outlook for mineral sands, with rising zircon and titanium prices forecast for 2018 amid solid demand from China's construction sector and from other emerging economies.
The project received final Ministerial consent this month, marking the conclusion of an extensive derisking process.
Meanwhile, the company noted that exploration drill results from reconnaissance drilling completed over dunes in the southern exploration area of the Cape Bedford silica/heavy minerals project, in Queensland, confirmed premium export quality silica sand potential, with an average grade of more than 99% silicon dioxide for 69 samples of material submitted for analysis.
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