Major project status for Browns Oxide Project
THE Northern Territory's Browns Oxide Project, which will become a significant copper, nickel and cobalt export operation, has been awarded Major Project Facilitation (MPF) status by the Australian Government.
The new status is in recognition of the national significance of the project which is being undertaken by Compass Resources NL, according to the government
The project is expected to commence production in 2007 and will generate export revenue of about $100 million a year. It is likely to become a major player in the global cobalt market, producing about 2% of world supply, the government said.
Copper production will average about 9,900 tonnes per annum (tpa), cobalt 1,170 (tpa) and nickel 935 (tpa).
The company intends to also seek approval to mine nearby deposits to extend oxide ore processing for over 10 years, according to the government.
The MPF status means the national investment agency Invest Australia will work with Compass to progress the project through the approvals process and identify any programs that may assist the project.
Compass Resources NL, an Australian public company listed on the
Australian Stock Exchange , owns the rights to the resources and is undertaking the project.
Compass has signed a Letter of Intent with Hunan Nonferrous Metals Corporation Limited (HNC) to jointly pursue this and other mining and exploration projects in the Northern Territory.
11-Aug-2006
