In another sign of private investor confidence in the Northern Territory’s economic recovery, global mining company Thor Mining will establish an open pit mine near Alice Springs.
Thor Mining is proposing to develop the Molyhil Mine, 220km north east of Alice Springs.
Major project status has been awarded to the mine, which will produce tungsten. It is commonly used for heavy metal alloys such as steel and used for drilling, the automotive industry and in aerospace.
The project has an estimated capital expenditure of $69.3 million and is expected to create nearly 100 local jobs – 59 ongoing local jobs in Alice Springs over the seven year projected mine life, and a further 40 jobs during construction.
The timeline of works includes:
- Final investment decision by the end of 2021
- Project construction and development during 2022
- Production commencing in the beginning of 2023
Thor Mining has secured a number of approvals for the project so far, including a mining agreement with the traditional owners and environmental assessment.
As noted by Chief Minister Michael Gunner:
“The Northern Territory is the comeback capital of Australia.
“The coronavirus crisis has hit the Australian economy hard, and we are not immune, but we are on the road to recovery.
“We are the safest place in Australia, and we have the resources and the people to recover the quickest.
“This project is a jobs jackpot for Central Australia and a clear signal that private investors see a bright future for the Territory.
“There’s a long road ahead, but now is not the time to turn back. The Territory Labor Government will always put jobs ahead of cuts, and we’ll always put the Territory first.”
As noted by Member for Braitling Dale Wakefield:
“The Territory Labor Government recognises the importance of Central Australia to the Territory’s recovery.”
“This Government is bringing new and innovative investment to the Territory and to Alice Springs.”
“We are on a jobs led recovery, not a cuts led recovery.”
As noted by Executive Chairman of Thor Mining Mark Billing:
“We are delighted to have this level of support by the Northern Territory Government for Molyhil.”
“We expect Molyhil to generate tangible and meaningful benefits to the Northern Territory, with export income and job creation in the Alice Springs area and the local communities near the project, as well as positive returns for the Company’s investors.”