SCR-Sibelco N.V. and Diatreme Resources Limited have agreed a joint venture to develop Diatreme's emerging Galalar Silica Project and Northern Resource Project, supported by an investment from Sibelco of $35 million, split into two tranches of $11 million and $24 million respectively. The Sibelco investment will be made into Diatreme's silica assets holding company. The investment quantum and resultant 26.8% fully diluted interest are based upon progressive group silica project valuations of $110 million and $160 million respectively.

It is anticipated that the first tranche investment will complete within the next six months (following satisfaction of the conditions precedent), with the second tranche to complete 12 months post the first tranche completion.