Diatreme Resources (ASX:DRX) has named billionaire Brian Flannery as a non-executive Director not long after completing its takeover of Metallica Minerals.
Flannery, who had an estimated net worth of $1.2 billion in 2023, has spent more than four decades in the mining sector and is also one of Australia’s successful small cap investors with a portfolio of interests spanning resources, energy and property development.
Diatreme says Flannery’s “expertise will be instrumental” as it advances toward silica sand production in far north Queensland.
Chair Wayne Swan, an Australian politician and former Deputy Prime Minister, says Flannery has a successful history of resource company investing and leadership.
“As one of our major shareholders his ongoing financial support and guidance to Diatreme is highly appreciated and regarded,” Swan says.
“We firmly believe his insightful thinking and experience will complement our board and leadership team as we endeavour to deliver our projects and create increased shareholder value.”
Diatreme completed its unsolicited takeover of Metallica in mid-September, adding the Cape Flattery Silica Project to its portfolio.
Another major shareholder, Sibelco Asia Pacific, is also mulling who it wants to appoint to the Diatreme board.
Diatreme says it will update the market once the appointee is named.
The two companies previously formed a joint venture that covers joint product
marketing, pursuit of onshore silica processing opportunities and assistance in accessing project finance, backed by Sibelco’s global networks.
Sibelco has completed a two-tranche investment in Diatreme of $35 million, taking its total project interest in the company’s silica sand projects to 26.8%. Sibelco also made a $13.97 million investment at the corporate level.
Additionally, Diatreme has elevated current non-executive director Kara Keys to the role of Deputy Chairperson.
The junior explorer, which has a market capitalisation of $120.2 million, says Keys’ appointment reflects Diatreme’s strong commitment to stakeholder engagement, particularly with Traditional Owners.
Keys is a descendant of the Yiman and Gangulu peoples of Central Queensland and has worked closely with Indigenous communities, including serving as National Indigenous Officer at the Australian Council of Trade Unions.
She has previously served as a trustee director at Cbus Super, energy provider Powerlink and asset manager United Super Asset Management.
“I welcome her increased contribution as Deputy Chairperson, where she will have an even greater role in ensuring Diatreme earns a social licence to operate through effective engagement with the Hope Vale and Cooktown communities, delivering a project that provides long-lasting economic benefits for the region while protecting cultural heritage and the environment,” Swan says.
Write to Angela East at Mining.com.au
Images: Metallica Minerals
