The Chief Minister Adam Giles is pleased to announce the Territory Government has awarded Major Project Status to the Mount Peake project in Central Australia.
“This project is great news for Central Australia and more evidence the Territory is open for business,” Mr Giles said.
“The Government is committed to developing the Territory’s regions by supporting projects such a Mount Peake which create jobs and economies in the bush.”
TNG’s strategic metals project is located 235 km northwest of Alice Springs and is currently going through a feasibility study which is due for completion early next year.
“If it proceeds to full development, Mount Peake would be one of the largest emerging vanadium projects in the world. This granting of Major Project Status recognises how important the project could be to the economy,” Mr Giles said.
“We look forward to working with the company as it moves through the normal feasibility and approvals process for Mount Peake.
“We are committed to ensuring this happens as smoothly as possible to help get this important project off the ground.”
TNG is aiming to begin construction of the project in 2014 with production and exports scheduled to begin in 2015.
If the project proceeds to full development, it would involve strategic metals mining, processing and export to overseas markets via Darwin’s East Arm Wharf.
The Vanadium-Iron-Titanium operation has an anticipated life-span of 20 years.
The products are used in jet engines, airframes and other high-end specialty materials, as well as in the chemical industry, notably in batteries, plastic, glass and pigments.