MOUNT Peake is set to be the newest addition to the Northern Territory’s resource industry project catalogue with news a Notice of Intent has been submitted for its development.

TNG Limited announced plans earlier this month to develop the vanadium-rich site, located 235km northwest of Alice Springs and carrying a life expectancy of around 20 years.

Once in production phase, the project will involve strategic metals mining, processing and export to overseas markets via Darwin’s East Arm Wharf.

The Northern Territory Government has welcomed TNG’s proposal, with mines minister Willem Westra van Holthe saying the project is a valuable addition to the state’s resource portfolio.

“The company is predicting strong demand for its products from China, where there’s a growing need for strategic metals in high-tech steel production,” Mr Westra van Holthe said.

“We are committed to ensuring the feasibility and approvals process happens as smoothly as possible to get this important project off the ground.”

The Northern Territory currently has 35 projects in operation state-wide, worth a collective value of around $43bn. According to the AMMA-Pit Crew Labour Market Index, the state’s resource industry is expected to suffer a skills shortage as large projects commence in coming years.

Click here to read more about the AMMA-Pit Crew Labour Market Index.