Verdant Minerals has reached a major milestone in the development of the Ammaroo Phosphate Project, with the Northern Territory Government granting two mineral leases.
The granting of key productive mineral leases will enable Verdant Minerals to advance the delivery of one of the world’s largest undeveloped phosphate resources.
“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.
“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.
“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.
“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,” Acting Chief Minister and Minister for Mining and Energy Gerard Maley said.
The $700 million Ammaroo Phosphate Project is located about 220 kilometres southeast of Tennant Creek and it is expected to have a mine life of at least 25 years.
Verdant Minerals is already in the final stages of securing Mining Authorisation for the project, which will allow construction and other site works to commence.
Phosphate is a critical component in many fertilisers utilised to boost agricultural productivity as well as global food security, and this reinforces the strategic importance of the Ammaroo Phosphate Project.
Verdant Minerals has estimated that the project will be able to produce about 2Mtpa of phosphate concentrate alongside further downstream processing that will result in 500 kilo tonnes per annum (ktpa) of merchant grade phosphoric acid and production of 200 ktpa of ammonia for conversion to around 1Mtpa of ammonium phosphate fertilisers such as Di-Ammonium Phosphate (DAP) and Mono-Ammonium Phosphate (MAP) – which are the single most consumed end-use fertilisers in the world.
“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.
“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,” Verdant Minerals Managing Director Chris Tziolis said.
Source: Northern Territory Government Newsroom; Verdant Minerals (1, 2); Yahoo! Finance; Mining Technology; NT News
