Forward Mining has received approval to develop the Rogetta iron ore mine in north-western Tasmania.
The project, around 30km south of Burnie, has secured approval under national environmental law.
Privately-owned Forward Mining is expected to spend up to $100 million to develop and maintain the greenfield open cut mine, which has been forecast to produce 1Mt/y of magnetite over a seven-year mine life.
Rogetta could fetch export revenues of up $100 million a year, with product from the operation to be trucked to Burnie Port.
The development will create around 200 jobs during the construction phase and another 100 positions once it is operational.
Federal Environment and Energy Minister, Josh Frydenberg, said the project was an example of a development that was both economically beneficial and environmentally sustainable.
“Forward Mining can now go ahead and develop the mine which involves open cut mining of iron ore, on site processing and trucking of the refined ore to Burnie for export,” Frydenberg said.
“The project was approved following a comprehensive environmental assessment in conjunction with the Tasmanian Government.”
Forward Mining must satisfy several environmental conditions, including to protect the endangered Tasmanian devil, wedge-tailed eagle and spotted-tailed quoll.