–News Direct–
VRX Silica Ltd (ASX:VRX) managing director Bruce Maluish tells Proactive's Stephen Gunnion the Perth-based company is focused on developing silica sand projects in Western Australia, targeting primarily the export market to Asia and exploring opportunities for glass manufacturing locally.
The company sits on about 1.4 billion tonnes of resources, with recent supply-side shifts in Asia enhancing the viability of Australian silica sand due to increased prices that can now offset shipping costs. The demand for silica sand, crucial for glass making, is rising as large deposits in Asia are either depleted or access is restricted, especially the high-quality sand from freshwater sources.
Maluish said VRX Silica boasts sand quality exceeding 99% silicon dioxide, with a particular deposit suitable for ultra-clear glass production for solar panels, a market growing at about 30% annually. The company also sees potential in the downstream industry, leveraging Western Australia's abundance of necessary raw materials and cheap LNG for glass production. Despite Western Australia's mining focus, the demand for solar panels and the region's vast solar resources underline the importance of diversifying into manufacturing.
VRX Silica leads with its Arrowsmith North project, which is close to obtaining environmental approvals, crucial for mining in the region. The company anticipates starting construction following approvals and aims for first production by early 2025. Key upcoming milestones include environmental approval, project financing, and the commencement of production.
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Proactive Investors
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View source version on newsdirect.com: https://newsdirect.com/news/vrx-silica-eyes-asian-market-with-high-quality-silica-sand-for-solar-panels-318357368
VRX Silica Ltd
COMTEX_449194973/2655/2024-03-13T11:51:08
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