DARWIN: The government of Australia's Northern Territory (NT) state has approved a proposed A$200 million ($155 million) Outback copper mine.
KGL Resources has been given the green light for its Jervois Copper Project, which chairman Denis Wood said would become a major supplier in the global copper market as demand increases, reports Xinhua news agency.
"An electric car uses four times as much copper as a conventional car, " he said.
"There are very few mines ready to go and the world is facing a copper shortage in the future."
He said that the mine life of Jervois was estimated to be close to eight years.
"But I believe there is a lot more copper on this site to extend the mine life beyond that, " he said.
The mine, approximately 300 km north-east of Alice Springs in central Australia, will employ 350 people on a full-time basis.
"Discussions have begun on project financing and the marketing of the mine's concentrate, " Wood said.
"China, Europe and South-East Asia are all potential markets."
He said that the copper would initially be transported to Alice Springs but called for the Northern Australia Infrastructure Fund (NAIF) to fund an expansion of the Darwin-Adelaide railway.