The massive $5 billion Mount Peake mine has been granted a mineral lease by the NT Government.
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Plans are to mine vanadium, titanium and iron concentrate to be railed to Darwin for processing.
The mine has already won environmental approval from the Federal Government.
The NT Government expects more than 500 construction jobs and 175-250 ongoing jobs could be created from the development of the vanadium-titanium-iron mine.
The government has signed a Project Facilitation Agreement with major metals company Perth-based TNG Limited.
The mine is located 280km north of Alice Springs.
The mine’s owners aim to start construction of the new mine next year.
The Mount Peake mine 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).
Subject to further operational approvals, TNG aims to begin construction of the new mine next year.
The project has an estimated life expectancy of 17 years, following a two-year construction period.
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.
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TNG Limited managing director, Paul Burton said: “We are rapidly ticking off the boxes towards the Mount Peake development, with 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.
“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.”
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