11/01/2018 - 13:48

Diatreme signs contracts for WA project

11/01/2018 - 13:48

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Queensland-based mineral sands explorer Diatreme Resources has signed contracts with a Chinese mining services company to conduct a definitive feasibility study and help source funding for its Cyclone zircon project in Western Australia's Eucla Basin.

Drilling has been conducted at the Cyclone project.

Queensland-based mineral sands explorer Diatreme Resources has signed contracts with a Chinese mining services company to conduct a definitive feasibility study and help source funding for its Cyclone zircon project in Western Australia's Eucla Basin.

Under the consulting services agreement, China ENFI will complete a DFS over the next five months, with the cooperation agreement involves ENFI using its network to attract project investors, offtakers and debt funding.

ENFI is backed by Chinese state-owned enterprise China Minmetals Group, a subsidiary of Metallurgical Corporation, which is a part of CMG.

Headquartered in Beijing, the group has about $314 billion in assets.

The contracts follow on from a non-binding memorandum of understanding  between the companies in September.

Diatreme chairman William Wang said the contracts would provide major benefits for the project.

“This is a historic day, not only for Diatreme, but also for Australia’s mineral sands industry,” he said

“We are delighted to be working with a company of the size and expertise of ENFI as we advance our flagship project towards mining, for the benefit of all stakeholders.”

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