Major mining milestone - Verdant Minerals granted 2 mineral leases
Verdant Minerals for its Ammaroo Phosphate Project, has been granted 2 mineral leases.
The leases are for one of the largest undeveloped phosphate resources in the world and are a critical step towards bringing a promising mining development closer to production in Central Australia.
This is a significant milestone strengthen the NT’s position as a leader in resource development. The Ammaroo project will support 400 jobs in construction and another 250 jobs once in production, delivering real benefits for the Northern Territory.
Located about 220km southeast of Tennant Creek, the Ammaroo development has an estimated mine life of at least 25 years and an estimated capital expenditure of $700 million.
Phosphate is a critical component in many fertilisers used to increase agricultural productivity and global food security, reinforcing the strategic importance of the project.
Verdant Minerals is now in the final stages of securing its mining authorisation, which when granted will allow construction and other site works to commence.
Verdant Minerals's Managing Director, Chris Tziolis welcomed the milestone, highlighting the importance of certainty for the project's next steps.
“With the project now consented to by native title holders and the NT Government granting tenure, Verdant now has crucial certainty to progress the project financing process," he said.
“We thank NT Government for their continued support of the project, and we welcome steps taken by the new government to progress projects like ours."
