Michael Ferguson,Minister for State Growth
King Island Scheelite's Dolphin Tungsten Project has the potential to generate significant investment, create jobs and boost the economy on King Island.
The Tasmanian Liberal Government has offered a $10 million commercial loan, repayable over 10 years to help progress the Dolphin Mine which has been closed since the early 1990s. In that time the mine has generated no local return or economic activity.
The company estimates the project could create up to 90 full-time equivalent jobs during construction, with around 55 ongoing full-time equivalent jobs on King Island.
While the project is still contingent on a number of other requirements, which the company is progressing, this is an important step in moving it forward. This will allow the company to continue the additional capital-raising necessary to bring it to fruition.
The loan remains subject to formal loan and security documentation being agreed and executed, and includes a number of conditions that must be satisfied prior to the release of funds, which is consistent with finance facilities of this nature, including all other capital raising necessary to deliver the project.
It would be great to see a clever, job-creating mine up and running again under this proposal, producing significant social and economic benefits for the King Island community.
The Tasmanian Liberal Government supports and promotes investment in our regional areas, and there is a significant economic growth opportunity in this project for King Island and the state as a whole.
It is fantastic that mining interests have regained confidence to invest in Tasmania under this pro-jobs Government. This is exactly the sort of project and investment we need to boost confidence and business activity in Tasmania as we recover and rebuild after the pandemic.
