The Finocchiaro CLP Government is delivering on its commitment to grow the Northern Territory's resources sector, with the granting of two mineral leases to Verdant Minerals for its Ammaroo Phosphate Project.
Acting Chief Minister and Minister for Mining and Energy Gerard Maley said the leases, for one of the largest undeveloped phosphate resources in the world, was a critical step towards bringing a promising mining development closer to production in Central Australia.
"This is a significant milestone in progressing a world-class resource project that will support jobs, drive investment, and strengthen the NT's position as a leader in resource development," said Mr Maley.
"The Ammaroo project will support 400 jobs in construction and another 250 jobs once in production, delivering real benefits for local communities and businesses, and help deliver on our promise to rebuild the economy."
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.
"The Finocchiaro CLP Government is backing the resources sector because it is the backbone of our economy and a key driver of long-term prosperity for the Territory," said Mr Maley.
"We are laser focused on supporting responsible resource development that delivers jobs, investment, and economic growth for all Territorians.
"We promised 2025 would be a year of action, certainty and security and that's what we're delivering for the Territory."
Verdant Minerals 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 the NT Government for their continued support of the Project, and we welcome steps taken by the new Government to progress projects like ours."
