THE Territory’s world-class strategic metals asset Mount Peake mine is rapidly moving towards development.
The massive $5 billion mine, which has been given Major Project status by the Territory Government is in Australia’s northern development hub, about 30km north of Alice Springs.
The project has an estimated life expectancy of 17 years, following a two-year
construction period.
Proponent TNG Limited is in advanced financing discussions and has successfully signed three life-of-mine offtake agreements for its titanium oxide, pig iron and vanadium products.
Mount Peake’s development will be a major boost for the Northern Territory economy, leveraging off its strategic location close to existing power and transport infrastructure, including the Alice Springs-Darwin railway, the Stuart Hwy and an LPG pipeline.
Mount Peake mine has the potential to create 500 jobs during construction and 175-250 ongoing roles during operation.
It has completed the NT Environmental Impact Assessment process and has also received Federal Government environmental approval under the Environment Protection and Biodiversity Conservation Act 1999 (Cth).
Minister for Primary Industry and Resources Ken Vowles has granted a mineral lease for Mount Peake mine and subject to further operational approvals, TNG aims to begin construction of the new mine next year.
The new mine will produce a vanadium, titanium and iron concentrate that TNG intends to transport by rail to a proposed new metals processing facility being planned for the Middle Arm Industrial Precinct in Darwin.
Subject to approvals, TNG expects construction of the refinery to begin in 2020.
TNG Limited managing director Paul Burton said critical project boxes are being rapidly ticked off.
“There have been a number of key announcements over the past few months, including the signing of a Native Title Agreement and the formal award of the Mount Peake Mineral Leases by the NT Government,” he said.
“With these important milestones now complete, and subject to finance, this will now lead to a significant project going into production in the NT with long-term employment opportunities.”
Resources Minister Ken Vowles said TNG’s new mine will create new, direct jobs for Territorians, as well as create flow-on effects for Territory business by providing opportunities for new contracts and new tenders.
“The signed Native Title Agreement means benefits from the new mine will flow back to the native title holders and the local community,” he said.
“The progress in the development of this new mine shows the Territory is a great place to invest, to work, and to do business.
“Employment options can be few and far between in the more remote areas of the NT, which makes projects like this so important for Central Australia.”
A front-end engineering and design (FEED) contract has been awarded to development partner SMS Group to design and engineer the entire project’s mine site concentrator and downstream processing plant last October.
