Ilwella has subscribed for $1.65 million or 37 per cent of this placement, taking our shareholding up to 19.9%.
We are pleased to continue to support Diatreme as it advances its Galalar Silica Project. An important economic development for North Queensland, the project aims to become a material supplier to the solar energy industry which continues to grow at an extraordinary rate. Given the immense pressure to decarbonise the economy and shift to renewables, we don’t see any signs of this growth slowing down any time soon. We see high grade silica sands as a huge opportunity for the future and Galalar as one of the best mines to capitalise on this opportunity.