the elephant in the room is the fact that production at Muchea is at least 2 years away so they need project to fill the gap. At least if QLD punt gets up and going in the next 12 months, they can lock in off takes etc on a known quantity.
I wouldn't have clue either but this appears to a case of having a hedge in case Muchea takes longer than hoped.
Ann: Carbine to acquire the Sandbox Silica Sands Project, page-34
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