territory iron deal with traditional owners

GSE is next in line, hopefully not too far. The ox is getting impatient.

Territory Iron finalises agreement with NLC and traditional owners



Northern Territory iron ore company, Territory Iron has struck an agreement with the traditional owners of the area covering the company’s Frances Creek operations in the Northern Territory, with the parties having reached agreement in relation to the grant of mining interests and development of the Frances Creek iron ore project.

The iron ore project comprises 13 tenements and is located approximately 28km north of the regional town of Pine Creek, 190km south of Darwin.

The Northern Land Council assisted with the structure of the agreement, which will see the traditional owners receive a royalty and Territory Iron assisting with training and mentoring indigenous men and women who may seek employment at the operations.

The agreement relates to the grant of mining interests including mineral leases 24727, 25087, 25088, 25152 and 25396 and development of the Frances Creek mine. The tenements cover an area of 430 hectares over a strike length of 13km and include areas where Territory Iron expects to mine in the next four years and beyond.

Territory Iron Managing Director, Doug Stewart said the agreement with the Northern Land Council and the traditional owners was a positive outcome that would benefit both the Frances Creek project and the Northern Territory as a whole.

“This agreement is a key milestone in the granting of mineral leases and allows us to accelerate activity at the project and to move closer to mining.

“It is anticipated that mining will commence this May and shipping of iron ore to China will take place in August this year,” he said.

Mr Stewart said he looked forward to building the company’s relationship with the traditional owners and other indigenous people in the surrounding region.