Diversified miner Rio Tinto has been granted a 42-year extension to its mining lease at the Gove bauxite mine, the lease of which was due to expire this year.
Northern Territory Indigenous Affairs Minister Jenny Macklin on Thursday approved Rio’s traditional owners agreement and lease under the Aboriginal Land Rights Act 1976.
This was the first time that a long-term lease had been negotiated directly with the traditional owners rather than with the federal government, with the benefit package said to be worth more than $700-million over the 42 years.
The lease agreement secured the future operations of the bauxite mine, alumina refinery, the Nhulunbuy township and related operations on the Gove peninsula in the Northern Territory, Macklin said.
The Gove operation contains a reserve of 143-million tons and resources of 83-million tons. It has a production capacity of ten-million tons a year and is colocated with the group's Gove alumina refinery. The project has an estimated mine life until 2030.
The refinery mainly consumes output from the mine, although some amounts are sold to third parties.
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