Australia’s New South Wales state yesterday approved the A$693 million ($497m) Copi mineral sands mine project, expected to produce up to 400,000 tonnes of critical mineral ore a year for 18 years.
Australia has strengthened international partnerships on critical minerals, including a recent agreement with the US, to support the development of secure and resilient rare earth supply chains.
In November, Japan’s Marubeni Corp said it would invest A$15m for options granting it up to 5 per cent equity in the project, owned by privately held RZ Resources, if feasibility is confirmed.
The project also requires approval by the federal government.
The Copi project is one of the world’s largest critical minerals deposits, and positions RZ Resources to become a globally critical minerals producer, the company said, adding that the approval clears a pathway to first production in early 2029.
Located 75 kilometres northwest of Wentworth in far southwestern New South Wales, the mine will produce titanium minerals including rutile, leucoxene and ilmenite, premium zircon, and rare earth elements including monazite and xenotime.
RZ Resources said it has received investment and support for the project from JX Advanced Metals Corporation and Marubeni Corporation.
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