Ian Ackerman reports.
A $47 million deal between an Australian forester a division of multinational commodities giant Mitsui will create continued woodchip exports at a remote port in the Northern Territory.
About 500,000 green metric tonnes of woodchips are to be exported from Port Melville in the Tiwi Islands over the coming three years after a transaction memorandum worth some $47m was signed between Tiwi Plantations Corporation and Mitsui Bussan Woodchip Oceania.
Port Melville is a new facility; its first two shipments of woodchips occurred in November 2015 and February 2016, with 14 more expected under the new agreement.
Northern Territory Chief Minister Adam Giles said the signing of the memorandum would create jobs for local people, while injecting millions of dollars into the Territory economy.
“This project is an excellent example of how economic development can and should occur on Aboriginal land, with Tiwis now working in a multi-national environment, contributing to international supply chains,” he said.
“This project is expected at full production, including replanting, to provide jobs for up to 80 Tiwi locals.”
The NTG signed a Memorandum of Understanding with the Tiwi Land Council and Land Trust in December 2013 outlining a partnership approach to economic development.
This article originally appeared in ABHR affiliate Lloyd’s List Australia.