Certainty for South Australia’s world-class Copper Province
South Australia is positioned to be home to one of the world’s greatest copper provinces after a historic agreement between the Malinauskas Government and BHP passed State Parliament last yesterday.
A historic update of the more than 40-year-old indenture agreement guiding development at Olympic Dam and the copper-rich Gawler Craton has overwhelmingly passed the Legislative Council, providing long-term certainty for the region and major future growth projects.
The strong parliamentary endorsement – with only two of the state’s 69 parliamentarians voting against the Bill - ensures South Australia is well-positioned to unlock the unprecedented value of the state’s vast copper, gold, silver and uranium assets.
Improvements to the Indenture now provide clearer regulatory pathways for future activities in BHP’s Copper Province, including approval processes for expansion projects, environmental and heritage management, as well as the operation of the Roxby Downs township.
The changes include commitments to transitioning to the current Aboriginal Heritage Act, ameliorating water extraction and maximising local jobs and business opportunities.
The expansion of the Copper Province can unlock projects with the potential to extend into the next century, supporting the state’s economy for decades.
Quotes
Attributable to Tom Koutsantonis
The updated indenture agreement was unanimously endorsed by a cross-party committee and now has received the overwhelming support of the South Australian Parliament.
This change modernises the regulatory framework that was first enacted more than four decades ago.
It provides the investment certainty that will enable BHP to make the significant investments to expand copper mining and production in its South Australian operations.
BHP has forecast capital expenditure of up to $25 billion in South Australia over the next 10 years, the majority to significantly increase copper production.
South Australia is home to two thirds of Australia’s proven copper deposits, and we have before us a generational opportunity to maximise the benefit of this critical mineral for our entire state.
The time to seize this opportunity is now, and the South Australian Parliament has taken a significant step to do just that.
Attributable to Anna Wiley, BHP’s Asset President Copper SA
The modernised Indenture provides a fit-for-purpose framework to support development of a world-class copper province in South Australia.
With efficient approvals pathways and better alignment to contemporary standards, this updated regulatory framework will help sustainably unlock South Australia’s significant copper potential.
We look forward to continuing to work with the Government of South Australia, the Kokatha people as Native Title holders, other Traditional Owners in the region, state and federal governments, regulators and regional communities as we progress Olympic Dam’s expansion plans.