Green light for mining project
Shining global spotlight on FNQ property
LARGE SITE: A map of Diatreme’s Cape Bedford mine precinct.
THIS OPERATION IS THE WORLD’S LARGEST SILICA MINING OPERATION
ANOTHER Cape York mine is set to go ahead after 21.6 million tonnes of high-grade, high-value silica was confirmed at a site near Hope Vale.
Diatreme Resources Limited made the announcement on the Australian Securities Exchange this week about the resource load at its Cape Bedford project, 200km north of Cairns.
The silica sand will be suitable for export markets for use in automotive and construction industries.
Chief executive Neil McIntyre said the results showed the potential for an important new silica sand mine that could generate valuable new jobs and investment for Far North Queensland.
He said the Cape Bedford project would require “an estimated $30 to $40 million capital investment, subject to final commercial studies being completed”.
“These results substantiate our previous exploration efforts and we are determined to advance this project as quickly as possible, working closely with the traditional owners, Hope Vale Congress, to ensure maximum economic benefits for the local community,” Mr McIntyre said.
“Commercial and permitting studies are rapidly progressing and, with the support of Hope Vale Congress and other stakeholders, we see a clear pathway towards development, capitalising on the project’s access to fast-growing Asian markets.
“Within our commercial scoping study, we will be targeting the potential export of 350,000-500,000 tonnes per annum of high quality silica sand at a quality specification similar to the nearby Mitsubishi-owned Cape Flattery Silica Mines operation.
“This operation, which our tenement borders, is the world’s largest silica mining operation and is renowned for its premium quality silica product.”
The global silica sand market is expected to record almost $13.8 billion in revenues by 2022, with a compound annual growth of more than 7 per cent. CAIRNS real estate principal Tony Williamson will head to South Korea later this month to represent North Queensland property owners in a promotion of the region’s market.
“I will be giving positive messages about market opportunities, drawing buyers to Cairns, and liaising with developers and talking up sites available here,” the RE/MAX principal said.
About 30 other RE/MAX representatives will attend the global network’s Asia Pacific Convention in Seoul.
Mr Williamson’s wife Asta and sales associates Ray Murphy and Giselle George will also attend the event. Mr Williamson will also speak at a full-day investment forum.
He said Australia and New Zealand were regarded as safe and secure destinations.
“This convention offers massive networking opportunities for us and has tremendous benefits for Asian investors, developers and individuals wanting to emigrate and/or invest,” Mr Williamson said.
“You get a real feel for how much investor money may potentially head this way, not just from Asia.
“My passion is turning the global spotlight on the Cairns property market.”