PERTH (miningweekly.com) – New South Wales’ Independent Planning Commission (IPC) has approved the development of the Bowdens silver project, subject to conditions of consent.

ASX-listed Silver Mines on Monday told shareholders that the IPC approval was the most significant milestone for the company since it took over the project in mid-2016.

“Our team has delivered a technically reliable and environmentally responsible project. This decision recognises the significant long-term economic and social benefits the project will deliver for our shareholders, the state of New South Wales and also the local communities across the Mid-Western regional government area,” MD Anthony McClure said.

“We now look forward to getting on with delivering the project. After the significant upgrade to our mineral resources as announced last week, the company is undertaking a significant optimisation programme updating the Bowdens silver feasibility study.”

The Bowdens silver project is Australia’s largest undeveloped silver deposit and one of the largest globally. The mine’s 23-year life, including 16.5 years of silver production and by-products of zinc and lead.

The previously completed feasibility study estimated that the project would produce an average of 3.4-million ounces of silver a year, together with approximately 6 900 t/y of zinc and 5 100 t/y of lead.

Owing to higher silver grades in the early stages of mining, average production during the first three years of operation will be approximately 5.4-million ounces of silver a year and 6 000 t/y of zinc and 5 200 t/ of lead.

The study estimated an initial capital cost of A$246-million including mine development, processing plant, tailings storage facility and power supply with a further A$53.9-million expended over the life-of-mine in sustaining capital.

The Association of Mining and Exploration Companies (Amec) on Monday welcomed the approval for the project.

“This is a watershed moment for the New South Wales minerals industry. The approval of Bowdens silver project, just days after the Regis Resources’ McPhillamys gold project, is a strong signal that NSW is open for business for the minerals industry,” said Amec CEO Warren Pearce.

“Both new mines have only been approved after many years of geological research and investigation, as well as extensive environmental and social impact assessment and independent assessment.

“These projects demonstrate the deep, rich natural mineral wealth within NSW and the determination that explorers and miners have to maximise the resource potential of NSW for significant public benefit.

“These two new mines will create hundreds of local and regional jobs and bring millions of dollars of investment into the state,” said Pearce.

“The McPhillamys gold project and Bowdens silver project will provide an important new supply of gold, silver and other minerals that are in high demand around the world. These minerals will be extracted with world-class compliance to leading environmental and social standards. Stringent compliance and standards are of growing importance to industry, governments, investors and the wider community.”