Olympic Dam gains government approval

By |

The planned $30bn expansion of the Olympic Dam mine in South Australia has reached two crucial milestones in being approved at both federal and state level.

Mine owner BHP Billiton will still be required to submit a detailed environmental management plan to federal enviroment minister Tony Burke, and the BHP board is expected to make its final decision on whether to go ahead with the project next year.

Should the expansion go ahead, South Australia would become the home of the world's largest open cut mine, and the state is expected to have its economy boosted to the tune of $45bn over the life of the project. This could have a major impact on property values and rents across the state.

"Olympic Dam is the world's largest uranium deposit and a leading copper and gold resource," said BHP Billiton Uranium Customer Sector Group President, Dean Dalla Valle.

"The Olympic Dam expansion will deliver enormous benefits to the South Australian economy, including generating up to 6,000 new jobs during construction, a further 4,000 full time positions at the expanded open pit mine and an estimated 15,000 new indirect jobs.”

The mine currently produces 170,000 tonnes per annum (tpa) of copper and associated products and this figure is expected to increase more than four times to hit 700,000tpa should the expansion go ahead.

Do you have more than $200k in your super fund? You could use your super to buy property - Find out how

Top Suburbs : kariong , willliamstown , hebersham , lockridge , werribee

go back

Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here