Australia’s New South Wales state has approved RZ Resources’ A$693 million ($497 million) Copi mineral sands mine project, which is expected to produce up to 400,000 tonnes of critical mineral ore a year for 18 years.
Copi, one of the world’s largest critical minerals deposits, positions RZ to become a globally significant producer. The approval from NSW’s Department of Planning, Housing and Infrastructure clears a pathway to first production in early 2029, RZ said Wednesday in a statement.
Located 75 km northwest of Wentworth in southwestern NSW, the mine will produce titanium minerals including rutile, leucoxene and ilmenite, premium zircon and rare earth elements such as monazite and xenotime.
Privately held RZ said it has received investment and support for the project from Japan’s JX Advanced Metals Corporation and Marubeni.
The project has received support from the United States, Japanese, Indian and Australian governments. RZ and the US Export–Import Bank (EXIM) in March signed an indicative term sheet for $550 million to support the project’s financing.
RZ founder and executive chairman David Fraser said the NSW development approval is a significant step forward in securing first production.
“Receiving NSW development approval for the Copi project is a defining moment for RZ Resources, for the Wentworth community and for Australia’s critical minerals sector,” Fraser said in a news release.
“Copi is a globally significant critical minerals opportunity that will help Australia and its allies secure supply chains for the materials that underpin energy, manufacturing and defence.”
The project will create up to 480 direct jobs during construction. About 240 people will operate the mine.
RZ Resources also owns the mineral separation plant on the Brisbane River, the only major mineral processing facility of its kind on Australia’s east coast.
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