Wayne Swan adds to boardroom CV as mining firm chairman

Former deputy prime minister Wayne Swan has been appointed chairman of listed mining explorer Diatreme Resources.

Labor Party president Wayne Swan. Picture: Kym Smith

Former deputy prime minister Wayne Swan has been appointed chairman of listed mining explorer Diatreme Resources.

The Labor Party president, who served as treasurer in the Rudd government, will take on the new job alongside his other corporate roles as chairman of the CFMEU’s superannuation fund, CBUS, and director of Queensland-owned energy company Stanwell.

Brisbane-based Diatreme plans to mine high-grade silica sand on a tenement north of the Aboriginal community of Hope Vale, on Cape York.

The silica extracted is hoped to be refined and used in electronics manufacturing and in glass manufacturing operations to supply the solar panel market.

An environmental-impact statement is being developed and discussions have begun with traditional owners, with the promise that the Indigenous community will have a financial share in the project.

Mr Swan – who, while federal treasurer was named Finance Minister of the Year by Euro­money magazine – said he was ­attracted to the company because of its potential to in the renewable energy market and potential ­benefits to the Indigenous community.

“The company’s Galalar silica project has enormous potential to generate new jobs and investment for the benefit of the Hope Vale/Cooktown region, including the traditional owners, while its silica product will help support the Asia-Pacific region’s push for ­renewables through its use as a direct component of PV panels,’’ he said.

“Diatreme has shown enormous foresight in its approach towards the traditional owners, giving them a direct stake in the project at an early stage to ensure they receive its economic benefits.

“I will be working to ensure the company delivers these benefits to all the community, while also minimising its environmental impact and protecting worker health and safety.”

A study has previously estimated the mining project has the potential to create up to 110 full-time-equivalent jobs and inject up to $42m into the region during its operation. Native title holders will have a 12.5 per cent project stake.