The Hodgman Liberal Government welcomes today's news that Forward Mining Limited will seek approval for a new magnetite iron ore mine at Rogetta, near Hampshire, in the State's North-West.
If successful, Forward Mining expects construction to start next year with operations commencing in late 2016 or early 2017.
Up to 200 direct jobs are expected to be created during construction and 100 through the life of the project and we know that, with the mining multiplier effect, this could lead to even more indirect jobs in the local economy.
The mine is expected to produce one million tonnes per annum over the life of the mine, exporting approximately $90 to $100 million of product annually at the current prices with the ore being trucked to the Burnie Port for export.
To give some context to how significant this project is, it would increase Tasmania's net commodity export volume of iron ore from around 2.8 million tonne to 3.8 million tonne.
As with all mining projects, this proposal must comply with the relevant legislation and regulations before mining can commence.
This is a vote of confidence in Tasmania's mining industry and shows that mining companies continue to want to invest in our state.
The mining and minerals processing sectors are key pillars of this Government's long term plan for Tasmania.
The mining and metals sector employ more than 5,000 people in Tasmania and represent almost 50% of the State's net export value, also contributing significantly through service provision and the supply chain to the State's regional area economies.