The Northern Territory news Thu 13 May 2010
The Northern Territory news; NewspaperNT
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Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin
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Nationwide News Pty. Limited
2 NT BUSINESS REVIEW, May, 2010 P U B : N T N E W S D A T E : 1 3 -M A Y -2 0 1 0 P A G E : 1 0 2 C O L O R : C M Y K NEWS02 Prospects for new Territory U-mine grow A TERRITORY uranium prospect has an estimated resource of at least seven million pounds. Energy Metals announced the results of the estimate for its 100 per cent-owned Cappers project, 180 kilometres northwest of Alice Springs. The tenement is 150 kilometres southeast of the Bigrlyi project, which the resources industry expects to be the NT's next uranium mine. And it's only 20 kilometres northwest of Toro Energy's Napperby, which has an inferred uranium deposit of 7.4 million pounds. Consultant Hellman and Schofield carried out the Cappers estimate based on chemical assays and down hole geophysical probing from 359 holes drilled by Energy Metals between September 2008 and December last year. All mineralisation is hosted in shallow calcrete, sand and clay layers at depths less than 10 metres below surface. Despite the broad drill hole spacing, the resource model for Cappers shows good continuity at cutoff grades up to 100ppm U3O8, with a strike length of around 10 kilometres. Prospects for Cappers look good it is near the sealed section of the Tanami Highway and has access to the AustralAsia railway, which could carry uranium oxide to Darwin for export. Energy Metals said there was "excellent potential'' to increase the size of the resource. Work will include: DRILLING to test strike extensions to the known mineralisation; INFILL the present resource model to increase the level of confidence in the estimation; and BETTER define higher grade sections of the deposit. Perth-based Energy Metals plans to obtain samples for bulk density measurements to more accurately estimate resource tonnages and the potential to beneficiate the mineralisation. Central suffers setback A COMPANY with the ambition of setting up a multibillion-dollar coalseam gas operation in the Territory has suffered a string of setbacks. Central Petroleum has responded by raising $22.6 million for exploration on its vast tenements west of Alice Springs. Central managing director John Heugh told the Australian Stock Exchange that three of its four jointventure partners had not paid their cash calls. "Rather than waste time wrestling with them, we have various options before us,'' he said. "One of those was simply to raise the money that we need to get on with the drilling programs.'' One of the partners in default is British energy firm BG. BG was supposed to fund 40 per cent of early exploration costs to earn 20 per cent of the project. Central Petroleum is in arbitration with another partner, Red Sky Energy, over a dispute about which exploration targets to make priority. Gas firm hits NT DOF Subsea Asia Pacific has established an office in Darwin in a bid to win contracts in the oil and gas industry. The Territory boss is Mike Apathy. Company Asia Pacific vice president Steve Brown said: "Darwin is the hub for the development of major oil and gas fields in the Timor Sea. "We respond to the strategic needs of our clients and it is clear that to do so, we need to provide facilities, equipment and expertise that are accessible and committed to the local market.'' Chief Minister Paul Henderson estimates the oil and gas support industry in Darwin is at least $150 million a year. Hotel buyout latest indigenous business ABORIGINAL interests continue to flex their economic muscles in the Territory. The latest move is Indigenous Business Australia and Larrakia Development Corporation forming a joint venture with the Toga Group to take over the twin Vibe and Medina hotels on Darwin's Waterfront. The development corporation is involved in several other major projects. It is expected to be the lead developer of the Cox Peninsula and has signed an employment deal with Inpex. And the organisation, which was set up by the Northern Land Council, is building a $4.5 million trade school. Indigenous Business Australia has interests in commercial property, tourism, primary industries, mining, manufacturing and retail. Its major investments include: GOVERNMENT Centre in Katherine; CARPENTARIA Shipping Services at Bing Bong, near Borroloola; INDIGENOUS fishing Trust mud crab licence in Darwin; TENNANT Creek Food Barn; OUTBACK Stores at Berrimah; CAPE Don Experience tourism venture in Arnhem Land; GAGUDJU Crocodile Holiday Inn at Jabiryu; Gagudju Lodge at Cooinda in Kakadu National Park; and KINGS Canyon Resort in Watarrka National Park in Central Australia. More than half of Indigenous Business Australia's income comes from property. The organisation rents out its Darwin mud crab licence to indigenous fishermen. It fully owns Outback Stores, which manages 27 community stores, 22 of them in the Territory. The aim is for community stores to sell healthy food. Indigenous Business Australia's best-known asset is the Gagudju hotel, which is in the shape of a crocodile. ROOM AT THE TOP: Larrakia head Koolpinyah Barnes and Toga boss Allan Vidor 4 6 F A 0 1 con tac t de tail s 894 4 9 801 ma kes cen ts@ ntn ews .co m.a u nowNT News is introducing Makes Cents, the exciting, new discount book for restaurants, accommodation, travel, attractions and much more . . . To be distributed throughout the Northern Territory at the peak of the dry season. Calling all advertisers! Find out how your business can take part in this fantastic advertising opportunity for Call 8944 9900 and ask for the Makes Cents team today 4 6 -F L