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Olympic Dam Indenture passes parliament

News Release

www.premier.sa.gov.au

Premier Jay Weatherill

Minister for State Development

Hon Tom Koutsantonis

Minister for Mineral Resources and Energy

Tuesday, 29 November 2011

The world’s largest open-cut mine moved a step closer to reality after Parliament today ratified the Roxby Downs Indenture Bill – allowing BHP Billiton to begin its $1.2 billion initial works on the project.

Premier Jay Weatherill said the bi-partisan passage of the Indenture showed the international mining industry that South Australia is well and truly open for business.

“This gives BHP Billiton the certainty it needs to proceed with a project that is of a scope never seen before in Australia. This will transform the State’s economic future and underpin thousands of jobs for South Australians,” Mr Weatherill said.

“Not only will it ensure South Australia's place as one of the world's best mining jurisdictions, but it will also provide a rare opportunity for huge benefits to flow on through to our standard of living.

“The project will transform South Australia by bringing unprecedented wealth and economic opportunity to the state well into the next century.”

Mr Weatherill said the passing of the Indenture was the culmination of more than six years hard work from former Premier Mike Rann, former Treasurer Kevin Foley, former Resources Minister, Paul Holloway and the Olympic Dam Taskforce.

“Mr Rann, Mr Foley, and Mr Holloway spent many long days and nights negotiating a very complex and very good deal for South Australia,” he said.

Minister for Mineral Resources and Energy, Tom Koutsantonis, said it was a momentous occasion and set the scene for all South Australians to benefit from what will be the world’s largest open-cut mine.

“This really is a game changer for our state; this is the moment future generations will look back on and say ‘that was the time South Australia took its rightful place amongst the giants of mining’,” he said.

“The world’s mining companies are now looking at South Australia as a major player in the resources market and we are well set to take full advantage of that attention.

“The numbers around this mine are just immense, the expansion will generate up to 6,000 new jobs during the 11-year construction period before a further 4,000 full time jobs are needed when the mine reaches full production.

“There will also be a further 15,000 indirect jobs created in flow-on industries and services needed to operate the mine. The Government has done all it can and it is now up to BHP Billiton and its board to approve the expansion.”