Quintis has large plantations and an office in Katherine.

The NT Government today said following a comprehensive show cause process and extensive review, it has withdrawn Major Project Status for Quintis Limited’s Indian Sandalwood expansion, because the expansion in NT is not proceeding in the near future.

“This decision is made in accordance with the Major Project Status Policy Framework, which sets out the process and requirements for Major Project Status. 

“The Government awards Major Project Status to private sector initiated projects that are significant, complex and have strategic impact.

“For the project proponent, the benefits of major project status include whole of government support, coordination and facilitation, assistance in identifying and mapping regulatory approvals, project case management and facilitation of engagement with the Australian Government through a central and single point of contact,” the government said.

Most recently, Quintis shareholders signed off on a plan to keep the sandalwood producer afloat.

With the support of secured creditors, McGrathNicol (the receivers) successfully proposed a Deed of Company Arrangement to the Voluntary Administrators that would see between $125-$175 million in new cash injected into the business to fund operations on a long-term basis.

Creditors voted for the Receivers’ proposed Deed of Company Arrangement to see the business emerge as a private company in a strong financial position and well placed to continue its strategy as the world’s leading marketer, producer and seller of sandalwood timber, oil and products.