Cobalt Blue Holdings’ (COB) $560 million Broken Hill Cobalt project in New South Wales has been granted Major Project Status by the Federal Government.
The Broken Hill Cobalt project will produce 16,700 tonnes of high-purity cobalt sulphate per year – a highly sought-after form of this critical mineral, used in the manufacture of lithium-ion batteries.
Growth in the historic NSW mining town and surrounding region will be supported with 450 jobs during the project’s two-year construction phase and 410 jobs each year during 17 years of full production.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said the project would help further cement Australia’s reputation as a critical minerals powerhouse.
“The Broken Hill Cobalt project’s pilot plant has already produced samples for shipping to battery precursor manufacturers across the country and the world – and now we’re helping to supercharge its potential,” Taylor said.
“This mine will not only help the surrounding regional communities in and around Broken Hill, it will also help power the growing battery industry and reduce emissions.”
Major Project Status acknowledges the strategic significance of the project as a key national project and is formal recognition of the national economic implications of the project through its contribution to growth, productivity, government revenue, industry and regional development.
“Granting Major Project Status to the Broken Hill Cobalt Project will greatly assist COB to raise development capital by recognising the strategic importance given to this project by the Australian Government,” Cobalt Blue Holdings chief executive officer Joe Kaderavek said.
“This milestone is critically important for overseas partners and well-timed in our development journey. COB can now boast both made in Australia and backed by Australia”.
Minister for Resources and Water Keith Pitt said the project demonstrated the incredible potential of Australia’s critical minerals to boost the country’s reputation as a leading and reliable supplier of the resources the world needs.
“Once operational, the Broken Hill Cobalt project will further open up new opportunities for Australian resources exports, especially given the incredible demand for high-quality cobalt,” Pitt said.
“We have tremendous rich reserves of cobalt and projects such as this one will allow us to take full advantage of them.”
Critical minerals projects such as the Broken Hill Cobalt project are integral components of the Australian Critical Minerals Strategy and Australia’s Long Term Emissions Reduction Plan as well as aligning with national security and strategic interests to bolster geopolitical stability and build sovereign capability in the sector.