Australia-based mining company Alkane Resources has secured a mining lease from New South Wales government for the $116m Tomingley gold project.
The approval was announced by Deputy Premier Andrew Stoner alongside Resources Minister Chris Hartcher and Member for Dubbo, Troy Grant.
Following the approval, the company is set to develop the open cut and underground mine, expected to process approximately one million tonnes of gold ore per annum.
Besides the capital investment of $116m for the mine production, the project also involves employment of 120 locals over the lifetime of the mine spanning seven-ten years.
Member for Dubbo, Troy Grant remarked that the project was approved following a careful assessment of surface and groundwater impacts, management of hazardous materials, ecological impacts, traffic impacts, air quality and noise.
New South Wales resources minister Chris Hartcher added, "Approval of this project sends a positive message to potential investors in NSW that we are very supportive of resource and mining investment and we are open for business."
Mineral production at the mine, at full output capacity, is expected be approximately $88m per annum.