Castile to advance Rover 1 with major project status

Castile Resources’ (ASX:CST) Rover 1 Iron Oxide Copper Gold Project in the Tennant Creek region of the Northern Territory has been granted major project status by the state government. 

Rover 1 is expected to produce downstream critical and precious minerals, including gold, copper, cobalt, and magnetite. As such, the NT Government believes it will be a contributor to the economic development of the state. 

The NT’s Chief Minister Eva Lawler says the Rover 1 Project will unlock economic benefits, such as job creation, and has a steadfast commitment to maximising outcomes for the local community of Barkly. 

“The Territory Labor Government is developing a thriving economic landscape, and our rich critical minerals market is key to unlocking it,” Lawler says. 

In turn, the project supports the government’s strategy of growing and diversifying its economy by developing secure critical mineral supply chains to support the clean energy transition. 

The state’s Minister for Mining Mark Monaghan adds the government will enhance its existing work with Castile to help drive the company towards development.   

Meanwhile, Castile Resources Managing Director Mark Hepburn says the company remains focused on developing a sustainable mining and processing operation. 

“Our strategy of producing downstream critical minerals in the Northern Territory is strongly aligned with the Northern Territory Government’s goal of becoming a major hub for mining, processing, and refining of critical minerals for the 2050 net-zero transition,” Hepburn says. 

“We aim to develop a sustainable mining and processing operation that benefits all our stakeholders and shareholders.”

Major project status with the Northern Territory Government includes the formation of a dedicated project control group coordinating with all relevant government departments involved in the project, and commitment from all parties to identify, mitigate, and manage key issues for each stage of the project. 

This is inclusive of approvals, land access, corridors access, water, power, telecommunications, and other infrastructure such as roads, export facility, and access to customers and markets. 

Other terms of the status include assistance in facilitating Castile’s final investment decision for Rover 1. 

Rover 1 sits within the Rover Mineral Field, south-west of Tennant Creek and the Warumpi tenements in the West Arunta region of the Northern Territory. 

Castile Resources has a $21.77 million market capitalisation, and had $3.78 million in cash at hand as of 31 December 2023, according to its latest quarterly report. 

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.