sorry that was last years article, the latest article is this....
MINING companies will get the go-ahead today to explore in the giant Woomera Prohibited Area, finally unlocking vast gold, uranium, copper, and iron-ore reserves worth up to $35 billion over the next decade. Several companies, including state-owned Chinese interests, are expected to be granted licences. Defence Minister Stephen Smith will make the announcement today in tandem with SA Premier Jay Weatherill, who predicts the zone will rapidly become "one of Australia's most significant resource provinces". Previous geological estimates have suggested the WPA, which covers 13 per cent of the state, contains up to $1.4 trillion in minerals. The move to grant exploration licences comes after protracted negotiations between the state and federal governments to reconcile weapons testing and defence training conducted in the zone with full-scale mining. Mr Weatherill said getting the green light after so long was "one of the most significant milestones for the advancement of South Australia's resources sector". A brace of new ventures is expected to move quickly with exploratory drilling possible within weeks. "Mining companies have been waiting for the opportunity to get access to this area for years and this deed of agreement will finally allow them to move their drills in and begin searching for the minerals we know are there," Mr Weatherill told The Advertiser. The announcement comes only weeks after a major disappointment for the state when BHP Billiton decided to mothball its $25 billion expansion plans at the Olympic Dam site - situated in the colossal Gawler Craton, which also takes in the WPA. Minister for Resources and Energy Martin Ferguson said the WPA had "great economic potential" which, when commercialised, would "help secure the longevity of our minerals sector". He said time-sharing arrangements between the Department of Defence and resource companies would ensure the two could operate side by side. Four mines already existed within the WPA under special arrangements at Challenger, Cairn Hill, Prominent Hill and Peculiar Knob.
ERO Price at posting:
0.4¢ Sentiment: LT Buy Disclosure: Held