Mr KNIGHT - 2006-08-29
Yesterday, you and I attended the opening of the Compass Resources’ new office in Mitchell Street. I also understand that Compass Resources’ Browns Oxide project has been awarded, rightly so, Major Project status by the Commonwealth government. Would the minister please advise the House as to the implications of Major Project status and the project’s significance to the Batchelor region and the Northern Territory?
ANSWER
Madam Speaker, I thank the member for Daly for his question. Yesterday I was very pleased to officially open Compass Resources’ new office at 80 Mitchell Street, just one of the new offices opening in the Territory. In the past few months, we have seen Lister Gold and GPS Gold opening a new office in Katherine. I am pretty sure more of them will happen in the next few months because mining is booming in the Territory and so is the economy.
Compass Resources is a significant project for the Territory, but also a significant project for Australia. That is why the Australian government has awarded it Major Project status in order to facilitate its development and to help with approvals and impediments to assist them through it. Compass Resources is opening the mine on-site, which is part of the old Rum Jungle mineral field near Batchelor. They are sitting on a 2 million tonne deposit that contains copper, cobalt and nickel, and every year they will produce 10 000 tonnes of copper, 1000 tonnes of cobalt and 1000 tonnes of nickel. For your information, they will produce about 2% of the world supplies of cobalt every year.
In order for a project to satisfy the Australian government to acquire Major Project status, they have to satisfy that the project will be of strategic significance to Australia, that it will significantly boost industry innovation, have significant economic benefits for regional Australia, and make a significant contribution to economic growth and employment, and Compass Resources have satisfied all these requirements. In addition to that, Compass Resources will start construction very soon - 150 people were employed for the mine construction at a cost of nearly $70m. Compass Resources has a joint venture agreement with a Chinese company, Hunan Nonferrous Metals Corporation Ltd, who will acquire half of the shares, provide $30m, and promised to buy most of the product every year.
For your information, I will be visiting China in the next few months and I will be meeting with Hunan Nonferrous and Ferrous Resources and other Chinese mineral companies in order to provide information about the Territory and invite them here because, the Territory is the last frontier for the exploration of minerals.
The product to be exported through the Port of Darwin will generate an extra revenue of $100m a year. Compass has established an office in Darwin. Initially, it will be manned by 12 people and will rise to 20 people. I am looking forward to the next stage of the development with a branch on-site and full metallic development in Batchelor.
ANSWER
Madam Speaker, I thank the member for Daly for his question. Yesterday I was very pleased to officially open Compass Resources’ new office at 80 Mitchell Street, just one of the new offices opening in the Territory. In the past few months, we have seen Lister Gold and GPS Gold opening a new office in Katherine. I am pretty sure more of them will happen in the next few months because mining is booming in the Territory and so is the economy.
Compass Resources is a significant project for the Territory, but also a significant project for Australia. That is why the Australian government has awarded it Major Project status in order to facilitate its development and to help with approvals and impediments to assist them through it. Compass Resources is opening the mine on-site, which is part of the old Rum Jungle mineral field near Batchelor. They are sitting on a 2 million tonne deposit that contains copper, cobalt and nickel, and every year they will produce 10 000 tonnes of copper, 1000 tonnes of cobalt and 1000 tonnes of nickel. For your information, they will produce about 2% of the world supplies of cobalt every year.
In order for a project to satisfy the Australian government to acquire Major Project status, they have to satisfy that the project will be of strategic significance to Australia, that it will significantly boost industry innovation, have significant economic benefits for regional Australia, and make a significant contribution to economic growth and employment, and Compass Resources have satisfied all these requirements. In addition to that, Compass Resources will start construction very soon - 150 people were employed for the mine construction at a cost of nearly $70m. Compass Resources has a joint venture agreement with a Chinese company, Hunan Nonferrous Metals Corporation Ltd, who will acquire half of the shares, provide $30m, and promised to buy most of the product every year.
For your information, I will be visiting China in the next few months and I will be meeting with Hunan Nonferrous and Ferrous Resources and other Chinese mineral companies in order to provide information about the Territory and invite them here because, the Territory is the last frontier for the exploration of minerals.
The product to be exported through the Port of Darwin will generate an extra revenue of $100m a year. Compass has established an office in Darwin. Initially, it will be manned by 12 people and will rise to 20 people. I am looking forward to the next stage of the development with a branch on-site and full metallic development in Batchelor.
Last updated: 09 Aug 2016