A central Queensland nickel project, that is expected to generate more than 3000 jobs, has been given the all clear by the Federal Government.
The Gladstone Pacific Nickel project’s Environmental Impact Statement (EIS) has been approved by both the State and Federal Government.
The company’s chief executive officer John Downie told MINING DAILY that despite the global financial crisis, he was hopeful of securing more than $500 million needed to get the project off the ground.
“We are very optimistic about our current situation,” Downie said.
“Through one of our major shareholders we have connections and alliances in china. We are currently seeing a turn-up in the nickel price and we are seeing a turn-up in stainless steel production and consumption so that is a good sign for the nickel market. The degree of difficulty in achieving the necessary funds however, will depend on the market dynamics.”
The Project, which is expected to create up to 2,600 construction jobs for stage 1 (2,000 of which will be in Gladstone) and 1,750 for the second stage, will cost the company more than $3 billion.