SHERWIN Iron has had its $11 billion Roper River iron ore project fast-tracked by the Territory Government.
The mining company is 80 per cent owned by the Territory's richest man, billionaire Jerry Ren, and chaired by CLP heavyweight Barry Coulter.
Deputy Chief Minister Dave Tollner welcomed the project, 475km southeast of Darwin, and said it would export about three million tonnes of ore through Darwin's East Arm Wharf by the end of the year.
The project will create 200 jobs in the construction phase and 400 when it is up and running.
Mr Coulter said the mine would be worth $11 billion over its 30-year life.
It would pay between $10 million and $20 million a year in royalty payments to the NT Government in return for the right to extract the publicly owned iron ore under the profits-based royalty regime.
When asked if that was a fair return on the resource given the public spending on infrastructure that will be heavily used by the company, Mr Tollner said it was all about the jobs.
"It's the jobs we want," he said. "We want people working, particularly in remote areas."
The company has agreed to ensure 30 per cent of its expected 400 employees are indigenous.
The mine will also pay about $13 million per year to Aboriginal traditional owners.
Traditional owners do not have special ownership rights over the minerals beneath the ground but in the Territory they can deny mining companies access to their lands under the Land Rights Act.
