Olympia Resources gained some exposure in the Northern Hemisphere this month, promoting its planned Northern Territory garnet project one-on-one and at an industrial minerals conference in Canada.
While south-east Asia offers some opportunity, most of the industrial garnet market is in the northern hemisphere.
Hence managing director Alan Lockett and director John Baxter have been talking with potential buyers in Canada, France, The Netherlands and Germany.
Mr Lockett also confirmed the company was following up on interest from potential joint venture partners.
"The level of interest is quite high, as there are only a limited number of garnet sup-pliers worldwide," Mr Lockett said.
While not willing to list names, the interest was from Europe, North America, and also Asia, he said.
Olympia was not recruiting new investors in Europe or North America, Mr Lockett said, although potential strategic partners could also become investors.
Olympia’s Harts Range project has the potential to supply up to 100,000 tonnes of industrial-use garnets each year for the next few decades, commencing with between 50,000 and 60,000 tonnes in 2004.
The company has land access, signing an indigenous land agreement earlier this year, and has project funds in place, raising the required $2 million from private investors, despite an aborted ASX debut last year.
Mr Lockett did not deny Olympia might list on an overseas exchange at some stage.
"We are open to all options", he said, "but do not have any firm plans."
As the world’s major sources of garnet are mined in Australia, India and the USA, Mr Lockett believes Olympia’s transport costs will not be significantly different from those of competitors.
"We clearly have an advantage in supplying Asia," he said.
