1997 – Doral, a subsidiary of Iwatani International Corporation of Japan acquired the Glenella quartz deposit (near Cowra) and did a preliminary feasibility study into the establishment of a silicon smelter.
1998 – Doral and Portman joined forces to do a detailed feasibility study – Portman would contribute $1.0 million towards the cost of the study to gain a 50% interest in the Project.
May 1999 – Portman increased its interest in the Joint Venture to 90% and has expended approximately $7.3 million on the project to 30 June 2001.
October 2001 – Quaestus Ltd shareholders approved the acquisition of Portman Ltd’s 90 per cent stake in the Lithgow silicon project. Portman will receive 36.5 million shares in Quaestus valued at $7.3 million which will deliver it a 66 per cent stake in the company called Australian Silicon Ltd.
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