CANBERRA, Nov. 28 (Xinhua) -- A 5-billion-Australian dollar (3.61 billion U.S. dollar) strategic metals mine in Australia's Northern Territory (NT) looks set to go ahead with construction in 2019.
The Mount Peake mine has been given the Major Project status by the NT government after the proposal passed the NT and federal government's environmental approval processes.
The mine, which has an estimated life expectancy of 17 years, will produce metals that are required for national defense projects such as titanium, iron concentrate and vanadium.
TNG Limited, a local resources company behind the new mine, discovered the proposed site approximately 80 km northeast of Alice Springs in Central Australia in 2008.
Paul Burton, managing director of TNG, said that the mine was rapidly moving towards being fully approved.
"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 told News Corp Australia on Wednesday.
"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."
The project will create 500 jobs during the two-year construction phase and 175-250 ongoing jobs during operation.
"The signed Native Title Agreement means benefits from the new mine will flow back to the native title holders and the local community," NT Resources Minister Ken Vowles 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," Vowles said.
