The Northern Territory Government has signed a memorandum of understanding with the South Korean Government via the Korea Mine Rehabilitation and Minerals Resources Corporation, which oversees resource security and international mining opportunities.
The agreement will establish a comprehensive framework for cooperation based on mutual benefit for NT and South Korea. It will also strengthen trade relationships between both parties, as South Korea is currently NT’s fourth largest training partner.
The deal followed key international industry leaders and representatives gathering in Darwin last week to discuss opportunities in NT’s critical minerals sector.
“The Territory Government is securing the NT’s economic future through strategic partnerships,” NT Chief Minister Eva Lawler said. “We are breaking through as a leader in the critical mineral sector and the Territory Labor Government is well placed to capitalise on the world’s need for our minerals.
“By strengthening our collaboration with key trading partners like South Korea, we will create more working opportunities for people right across the Northern Territory.”
The NT Government has also classified Castile Resources’ Rover 1 project with “major project status”.
The Rover 1 project is expected to generate a capital expenditure of nearly $280 million and will directly target gold doré, cobalt, copper, and 96.4 per cent magnetite in an underground mine 80km southwest of Tennant Creek.
The project is also expected to generate 160 jobs throughout construction and 120 jobs during operation.
“Castile is honoured to been awarded major project status by the Northern Territory Government,” Castiles managing director Mark Hepburn said.
“We look forward to working closely with the Government to develop our downstream, critical minerals project which will benefit all of our stakeholders and Territorians for many years to come.”
The NT Government will now enhance its existing work with Castile to help drive Rover 1’s development.
“Castile Resources’ Rover 1 project is exciting for many reasons ranging from the economic benefits to job creation and their steadfast commitment to maximising outcomes for the local community of the Barkly,” Lawler said.
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