Silver Mines (ASX:SVL) has cleared another regulatory hurdle at its Bowdens Silver Project in New South Wales, which is considered to be Australia’s largest undeveloped silver deposit.
The NSW Government Department of Planning, Housing and Infrastructure (DPHI) has completed its assessment of additional information submitted by the company and provided supplementary advice to the Independent Planning Commission (IPC).
In July, Silver Mines supplied additional information to support a DPHI assessment of the potential impacts of a proposed transmission line, as well as changes to relevant legislation and policies since Bowdens’ development consent was granted in April 2023.
The IPC will now consider the supplementary advice as part of its determination process, with a decision expected by 9 December 2026.
Significantly, the DPHI’s assessment does not fundamentally change its previous conclusions about the merits of the project. Its original referral to the IPC found Bowdens to be in the public interest and approvable, subject to strict conditions of consent.
Development work continues
The regulatory progress follows the release of an updated Definitive Feasibility Study (DFS) and the start of front-end engineering and design (FEED) work at the central NSW project.
The updated DFS represents a substantial improvement on the December 2024 optimisation study, with an increase in ore reserves by 30% to 93.5 million ounces of contained silver. Reserve tonnage rose 46% to 47.9 million tonnes.
The DFS also outlines a pre-tax net present value (NPV) of more than $1 billion, a pre-tax internal rate of return (IRR) of 31.5%, and estimated operating margins of $2.39 billion, with a payback period of around three years.
Silver is expected to account for about 91% of future project revenue, aligning Bowdens with the NSW Government’s Critical Minerals and High-Tech Metals Strategy 2024-35.
Fitzgibbon joins board
As it eyes development, Silver Mines has appointed senior mining executive Nicole Brook and former federal resources minister Joel Fitzgibbon as non-executive directors from 17 September. Fitzgibbon is then set to become independent non-executive chair after the company’s annual general meeting in November.
How approval was set back
Bowdens’ 2023 approval was challenged by an activist group, and the NSW Court of Appeal upheld the appeal in 2024.
The dispute centred on the IPC’s administrative process in relation to a potential transmission line to the project.
The transmission line was intended to provide power to the mine, but approval for such enabling infrastructure is traditionally sought through a separate planning application.
The court’s decision resulted in the original development consent being voided on a technical issue under NSW planning regulations.
Since then, the NSW Parliament has passed legislative changes intended to clarify the approvals process for projects such as Bowdens that require transmission lines and other enabling infrastructure.
Silver Mines Managing Director Jo Battershill says:
“The DPHI’s supplementary advice to the IPC is a significant milestone for the Bowdens Silver Project and Silver Mines shareholders, more than two years since the Bowdens Development Consent was voided on a minor technical issue under NSW planning regulations.”
Battershill says the latest step forward is supported by extensive technical and environmental assessments, as well as continued consultation with the community, stakeholders, and NSW Government agencies.
“The Bowdens team has delivered a robust, environmentally responsible project that supports the NSW Critical Minerals and High-Tech Metals Strategy and offers substantial long-term economic and social benefits for communities across Lue, Rylstone, Kandos, and the broader Mid-Western Region,” Battershill says.
“During the construction phase, Bowdens will employ over 300 direct full-time employees and more than 200 over the planned extensive mine life.”
Silver Mines is focused on acquiring, exploring, and developing silver assets.
Write to Christina Wagstaff at Mining.com.au
Main image: Silver Mines
