REX Minerals has declared its "time for nation building" following the state government approval of its Program for Environment Protection and Rehabilitation for the Hillside Copper-Gold mining project on the Yorke Peninsula.
"Approval of the PEPR is a critical and strategic step in the development of the highly-prospective Hillside Copper-Gold Project," Rex managing director Richard Laufmann said.
"Mining developments like the Hillside Project will be a critical bedrock in the nation's recovery, providing opportunities for wealth creation in the trifecta of local community jobs and business opportunities, government royalties and taxes, and shareholder returns.
"The Hillside Project dovetails neatly into the state government's plans in establishing SA as a world-leading copper precinct.
"Copper is one of the fundamental elements that is crucial to the electrification of everything. As the transition to an electrified world gathers momentum, Hillside is well placed to feed into that exciting and emerging thematic."
Mr Laufmann said it had been a "rigorous process" to ensure the company achieved a "new benchmark in environmental and social stewardship".
"It would be remiss of me not to acknowledge the exhaustive efforts of so many people - staff, consultants and indeed Rex shareholders - for their persistence, diligence and patience over the period of PEPR compilation, consideration and approval," he said.
"This is the time for nation building - go Australia!"
On Tuesday, the Adelaide-based company also updated its capital and operating cost estimates, outlining the $585-million project would take 20 months to build and create 500-550 jobs in that construction.
Rex also expected, once built, the mine would employ 430 people, with a payroll of more than $500m over the life of the mine and produce $170m in royalties to the state, after producing 35,000 tonnes of copper and 24,000 ounces of gold per year for the first 12 years of production.
The company was now pursuing financing options.
- Details: rexminerals.com.au