Economic assessment of mineral resources within the Woomera Prohibited Area

Major mining operations and projects

Map 1 shows the major operational mines in and around the WPA, and mineral deposits within the WPA. Lower commodity prices have affected the economic viability of mining operations and projects, with several operations currently on care and maintenance. There are some projects currently in the pipeline in South Australia, but none of these are in or near the WPA (Table 3).

Social and economic snapshot of the WPA and its surrounds

In 2016, there were almost 6,700 people living in the region surrounding the WPA , with the majority of the population located in the town centres of Roxby Downs and Coober Pedy . The region has a relatively low unemployment rate of 4.6 per cent; which is below the State (7.5 per cent) and national (6.9 per cent) averages. Since the 2016 Census, both regional and State unemployment rates have shown a downward trend according to the ABS Labour Force Survey. Participation in the labour force is also much higher for the region than for the State in general (participation rate of 74 per cent compared to the State average of 57 per cent).

Mining is the major employer in the region, with 1,380 people, or almost 42 per cent, working in the mining industry (Table 4). Within the mining industry, Copper ore mining accounts for over half of the employed persons. Other major employers in the region include accommodation and food services, education and training, retail trade and construction. Most of the other industries are reliant on the mining industry, both indirectly and directly.

The WPA region is an important employer for South Australia. Of the 1,380 employed in mining in the region, 92 per cent of workers travel from within South Australia. Of these, almost 57 per cent live locally, with a majority of the rest being Fly-In Fly-Out (or Drive-In Drive-out) workers from the Barossa Valley and Adelaide.

Almost 7.7 per cent of the region identify themselves as Indigenous, which is four times higher than the State average of 2.0 per cent. Labour market outcomes for Indigenous people living in this region are comparatively better than the wider Indigenous population. The unemployment rate is 12.1 per cent and the participation rate at 50.5 per cent; this compares favourably with the South Australian averages (20 per cent and 40 per cent, respectively) and Australian averages (18 and 44 per cent, respectively).

Methodology

The economic assessment contained in this report quantifies:

• the value of ‘known’ mineral resources (Economic Demonstrated Resources) within the WPA
• the value of possible future mine developments, including conservative and optimistic valuations
• the direct and indirect economic impacts associated with possible future mine developments.

The report also provides a discussion of the key factors and considerations that could affect the value or commercial viability of mining projects, investment decisions, and the extent of economic impacts of mining developments in the WPA. This information is crucial to gaining an understanding of the broader context underpinning the economic assessments.

The economic assessment in this report is underpinned by Geoscience Australia’s resource estimation methodology and data. Appendix B provides a summary of the data provided by Geoscience Australia and key geological terms used in this report.

‘Known’ mineral resources

Economic Demonstrated Resources have been used as an indicator of the ‘known’ mineral resources in the WPA. These are resources that are well understood geologically, and have been regarded as economically feasible to extract or produce with reasonable certainty. Economic Demonstrated Resources are considered to provide a reasonable and objective estimate of what is likely to be available for mining in the long term. Economic Demonstrated Resources data in the WPA have been provided by Geoscience Australia and are current as at 31 December 2016.

The Economic Demonstrated Resources have been assessed on a deposit-by-deposit basis, so that the assumptions and inputs underpinning the analysis accurately reflect the characteristics of the individual deposits. The analysis assumes that all deposits are being mined in 2018 and will continue to operate until resource depletion. Other assumptions made specific to each potential deposit include:

• total costs, including operating costs and consumption of fixed capital
• annual production, by commodity
• revenue, based on long term price forecasts.

Possible future mine developments

Modelling of the economic impacts of possible future mine developments in the WPA has been undertaken in the present Review, using two scenarios involving the discovery and subsequent development of new undiscovered mineral resources. Only deposit types with a high likelihood of discovery and with potentially high-value grade-tonnage characteristics for major mineral commodities and key critical commodities have been considered in the two scenarios.

In order to evaluate the possible future mine development scenarios, the assumption must be made that the ‘analogue deposits’ used in the evaluation are of a character (global resource size, grade, depth of overburden, etc.) that might reasonably be expected to be discovered in the WPA in the future. Wherever possible, the analogue deposits used in the possible future mine scenarios are based on actual deposits within the WPA (e.g. Prominent Hill); see Geoscience Australia’s report to the WPA 2018 Review for in-depth discussion on this. The analogue deposits chosen are shown in Table 5, and the commodities included in these analogue deposits include: copper, gold, uranium, iron, silver, titanium and zirconium.

Conservative scenario

The first, conservative, scenario assumes the discovery and development of the combined economic impact of a single additional deposit of the size and characteristics (global resource size, grade, depth of overburden, etc.) as listed in Table 5. The number of each of the analogue deposits included in the conservative scenario has been determined subjectively based on Geoscience Australia’s understanding of geology, known mineral resources distribution and undiscovered resource potential in the WPA. In particular, the total mapped areas of moderate- to high potential within the WPA have been considered for each of the major and critical commodities, and a judgement has been made on the likely maximum number of deposits that could be discovered and developed within the WPA in the short to long term. See Geoscience Australia’s report to view the commodity by commodity future potential maps.

Optimistic scenario

A second, optimistic, scenario assumes that multiple additional analogue deposits as listed in Table 5 are discovered and developed. As in the conservative scenario, the number of each of the analogue deposits has been determined subjectively based on Geoscience Australia’s understanding of geology, known mineral resources distribution, and undiscovered resource potential in the WPA.

In the optimistic scenario (and as with conservative scenario), Prominent Hill, Challenger, Giffen Well, and Peculiar Knob have been used as the analogue deposits for possible future gold, copper, silver and iron ore developments.

Three each of the Prominent Hill, Challenger and Giffen Well, and two Peculiar Knob-sized possible future developments have been included in the modelling. However, for uranium the discovery and development of a single Prominent Hill sized deposit which has Olympic Dam uranium grades; plus, a single sandstone-hosted uranium deposit equivalent to the Four Mile plus Beverley uranium deposit has been assumed. The latter two deposits are significantly larger than the Honeymoon deposit used in the conservative scenario, and are considered to be of a type and size that could be reasonably expected to occur within the WPA, based on the known geology.

The Jacinth-Ambrosia heavy mineral sands deposit has been used as the analogue for a future titanium-zirconium mine. Jacinth-Ambrosia is situated in the same geological setting as the significantly smaller Barton West deposit within the WPA, and is located just 60 km south of the WPA. As such, based on Geoscience Australia’s understanding of the geology, known mineral resources distribution, and undiscovered resource potential in the WPA, it is reasonable to assume that a deposit of Jacinth Ambrosia’s size and grade could be discovered and developed within the WPA.

All scenarios in Table 5 have been valued. The analysis assumes that discovery of the deposits are made in 2018. Other assumptions made specific to each potential deposit include:

• number of years from discovery of the deposit until production begins
• capital cost
• operating costs per annum
• production per annum
• revenue based on long term price forecasts
• mine life.

The assumptions made for the scenarios are also used to calculate future potential flow on impacts to the economy.

Valuing mineral resources

The value of ‘known’ mineral resources and possible future mine developments in the WPA are estimated using a Net Present Value approach.

Net Present Values

The use of Net Present Values to value mineral resources is recommended by the United Nations’ System of National Accounts (SNA) and System of Environmental-Economic Accounting . This approach is adopted by most countries around the world, including Australia . The application of the Net Present Value approach to valuing mineral resources in this report is underpinned by the guidance contained in the System of Environmental Economic Accounting Framework.

The Net Present Value approach involves projecting the expected future net income generated by the mineral resource, and then discounting this value by an appropriate rate over the life of the resource. Net Present Values are calculated using the equation below:

The key variables are summarised in Table 6 and described in the following sections.

In compiling the supporting data and information, the following principles have been followed to ensure that the analysis is robust and that the underpinning assumptions provide a grounded reflection of current and expected capital costs, operating costs, market conditions and other considerations. Where possible, data and information have been sourced on a site-by-site basis (including for deposits, undeveloped projects or mines in operation or on ‘care and maintenance’), from the latest available company reports (such as annual reports, scoping studies, feasibility studies, and ASX announcements), or from a private data provider (AME Group). Where there have been data constraints on specific deposits, projects or mines, the closest approximations have been used, based on advice from Geoscience Australia on sites with similar specifications in terms of geological similarity, location, size, depth and/or grades.

Commodity prices and exchange rates

To estimate the flow of revenue from mineral production, projections of future commodity prices are required. Price indices for each of the commodities considered in this report are shown in Figure 3. Projections are constructed for benchmark commodity prices (i.e. London Metal Bullion Association (LMBA) spot prices for gold and silver, London Metal Exchange (LME) spot prices for base metals, the iron ore 62 per cent fines Free on Board Australia price, and the thermal coal Newcastle 6000kcal spot price). Projections are also constructed for alternative commodity price series to best reflect the revenue that would be generated given the quality of the saleable product from the resource. For example, the black coal deposits in the WPA have an energy content of 20 to 24 GJ/t (4,777 to 5,732 kcal/kg), so a discount based on historical differences was applied to the benchmark Newcastle 6000kcal spot price to reflect the lower energy content. Similarly, a discount/premium was applied to the benchmark iron ore price to reflect lower/high iron content of the saleable product for each iron ore deposit.

In the short to medium term, price projections are compiled using forecasts from the June 2018 edition of the Resources and Energy Quarterly for the period to 2020, and the March 2018 edition of the Resources and Energy Quarterly for the period from 2021 to 2023. The forecasts in the Resources and Energy Quarterly are based on an assessment of market fundamentals, economic conditions and changes to government policies with the potential to impact on supply or demand. The publication has been produced for 30 years, and contains the Office of the Chief Economist’s forecasts for the value, volume and price of Australia’s major resources and energy commodity exports.

Beyond 2023, price projections are drawn from the AME Group, as published in the June 2018 edition of the Strategic Study reports. AME Group’s long-term price projections are based on the long-term costs of production, the required return on capital to justify new investment, economic development cycles and structural economic changes in the long term. Where AME commodity price projections are unavailable, the average of Consensus Economics’ long-term forecasts are used, as published in the June 2018 edition of the Consensus Economics forecasts. Where production continues beyond the published forecasts of AME and Consensus Economics, a continuation of the price pattern is assumed.

Commodity price assumptions are made in US dollars, and exchange rate assumptions are required to establish the Australian dollar value of production. For the period to 2020, the Australian dollar to United States dollar exchange rate is assumed to follow the assumptions published in the June 2018 edition of the Resources and Energy Quarterly of US$/A$ 0.78. For the period from 2020 onwards, the exchange rate is assumed to average US$/A$ 0.80.

Costs

To determine whether a project is economically viable, the financial (i.e. capital costs and depreciation) and operating costs of the site must be considered. Where available, cost data and other information is used from company reports (including annual reports, scoping studies, feasibility studies, and ASX announcements) or based on data provided by AME Group. Where there are data constraints, costs are approximated based on sites with similar specifications in terms of location, size, depth and/or quality.

Production and resource life

Annual production volumes are based on company reports or data provided by AME Group. In any year, the resource life in terms of years to depletion is equal to the size of the resource (Economic Demonstrated Resources or global resource) at that time divided by the future expected annual production rate. Economic Demonstrated Resources and global resource sizes were provided by Geoscience Australia.

Discount rate

The discount rate is applied to cash flows to determine the present value of future cash flows. This is used to account for the opportunity cost of investment and for the time value of money, that is, the preference for current consumption over consumption in the future. The discount rate used in the analysis to determine the Net Present Value of the mineral resources is 7 per cent. A sensitivity analysis is conducted with 3 and 10 per cent discount rates, consistent with OBPR.

<blue>

Commodity prices can be volatile, and the projections used in this report are subject to a wide range of risks and uncertainties. As such, the impacts of a 10 per cent increase/decrease in commodity prices on the estimated value of mineral resources are considered in a sensitivity analysis in Appendix C.

There is also uncertainty regarding technological developments or further exploration activity which will occur during the life of the mine, which could reduce operation costs or increase the life of the mine. The uncertainty surrounding the estimates of Net Present Values means that the results should be viewed with some caution, and considered alongside the accompanying commentary and geological assessment from Geoscience Australia.

Economic impacts

The economic impact of possible future mine developments are estimated in this report. The analysis does not consider the economic impact of ‘known’ resources, and assumes the discovery and development of mineral deposits of similar size and characteristics to each of the deposits considered in the scenarios. The annual economic impacts associated with the development of each of the deposits are estimated in terms of direct and indirect employment, royalties paid to the South Australian government, and value add to the economy.

Input-Output tables

Mining operations can generate substantial economic activity in both upstream and downstream industries. Input-Output (I-O) analysis is used to estimate the effect of mining developments on indirect employment and value add to the economy, based on tables from the ABS . I-O analysis considers the impact that an initial stimulus can have on an economy through successive spending rounds, by taking into account the relationships between various sectors of the economy in the short-term.

The key advantage of using I-O analysis relates to its simplicity and transparency. However, as the analysis assumes fixed relationships, the results tend to overstate impacts on employment and economic activity. As a result, estimates of economic impacts in this report should be considered an upper-bound estimate. More complex modelling, such Computable General Equilibrium (CGE) models are required to overcome the limitations of I-O analysis, however, these models take far longer to generate, and have their own limitations and challenges.

Results

Assessment of ‘known’ mineral resources

The total Net Present Value of known resources in the WPA is estimated to be around $5.9 billion, based on Economic Demonstrated Resources data provided by Geoscience Australia. Table 7 provides a summary of the estimated Net Present Value by deposit.

There are currently four deposits (Prominent Hill, Challenger, Cairn Hill and Peculiar Knob) which have been developed in the WPA.

Two of these are currently operating mines. Prominent Hill is a medium-sized copper-gold mine in the eastern region of the WPA, and has an estimated Net Present Value of $2.1 billion. Challenger is a medium-sized gold mine, and has an estimated Net Present Value of $238 million. Reserves (Economic Demonstrated Resources) are expected to maintain production until 2019, with the company seeking to upgrade resources to extend the mine life through further exploration, which could result in a higher Net Present Value in the future.

For simplicity, the analysis assumes that the remaining deposits (which either have been developed but are not currently operating, or have not been developed), are all operating in 2018 and will continue to operate until resource depletion.

Production at Cairn Hill, a magnetite iron ore mine which produces a 55 per cent Fe direct shipping ore production, was suspended in late 2017. Cairn Hill currently has an estimated Net Present Value of $181 million.

The Peculiar Knob mine was placed on care and maintenance in 2015, due to low iron ore prices and high-cost nature of its mining operations. The Net Present Value of the reserves are estimated to be $77 million, but the sensitivity analysis in Appendix C highlights that this operation is marginal — if commodity prices were 10 per cent lower than the base case, the Net Present Value of this operation would become negative.

A further five undeveloped deposits in the WPA contain Economic Demonstrated Resources. These have an estimated total Net Present Value of $3.3 billion. Three of these are magnetite iron ore deposits (Giffen Well, Hawks Nest and Commonwealth Hill), and two of these are black coal deposits (Lake Phillipson and Penrhyn).

Assessment of potential undiscovered mineral resources

The geological potential for additional deposits to be discovered and developed into producing mines within the WPA is estimated by Geoscience Australia. A number of analogue deposits are then used to estimate the value of the mines. Two overarching scenarios have been used to evaluate a conservative and an optimistic outcome (Table 5). Seven analogue deposits are used to represent the discovery and development of possible future mines in the WPA. Assumptions on costs and production are based on existing mines, and updated to reflect current operating conditions and geological information.

Challenger

The Challenger mine began operation within the WPA in 2002, producing gold concentrate on-sold for processing, and with a silver by-product. As a lower bound, Geoscience Australia estimates that there could be one additional Challenger-like deposit discovered and developed within the WPA. As an upper bound it is estimated that there could be three more Challenger-like deposits discovered and developed. Key assumptions for discovering and developing a single Challenger-like deposit are shown in Table 8.

Prominent Hill

Prominent Hill began production in the WPA in 2009. The mine produces copper, with by-products of gold and silver. As a lower bound, Geoscience Australia estimates that there could be one additional Prominent Hill-like deposit discovered and developed within the WPA. As an upper bound, it is estimated that there could be three more Prominent Hill-like deposits within the WPA. In addition, there is potential for uranium by-product to be included in the future possible mine. A conservative and optimistic grade of uranium is used. Key assumptions for discovering and developing a single Prominent Hill-like deposit, including assumptions for conservative and optimistic uranium by-products are presented in Table 9.

Peculiar Knob

The Peculiar Knob mine began mining in 2012, but was placed under care and maintenance in 2015, due to low iron ore prices at the time. As a lower bound, Geoscience Australia estimates that one Peculiar Knob-like deposit could be discovered and developed in the WPA. As an upper bound, potentially two Peculiar Knob-like deposits could be discovered and developed. Table 10 presents the key assumptions for a single Peculiar Knob mine.

Giffen Well

Feasibility studies were completed for Giffen Well in 2013, and production was targeted for 2017. However, the project was not completed due to perceived risks of falling iron ore magnetite prices at the time. Assumptions used for discovering and developing a single Giffen Well-like deposit under current operating conditions are in Table 11. As a lower bound, Geoscience Australia estimates that one more Giffen Well-like deposit could be mined in the WPA. As an upper bound, it is estimated that three Giffen Well-like deposits mined in the WPA.

Honeymoon

The existing Honeymoon mine is located approximately 80 km north-west of the town of Broken Hill near the South Australia and New South Wales border. After beginning production in 2011, the Honeymoon mine went into care and maintenance in 2013, primarily due to a decline in uranium prices. Feasibility studies have been conducted and plans are underway to restart the mine and expand capacity to improve the mine’s viability. Assumptions for discovering and developing a Honeymoon-like deposit in the WPA are presented in Table 12. As part of a lower bound scenario, Geoscience Australia estimates that one Honeymoon-like deposit could be discovered and developed in the WPA.

Jacinth-Ambrosia

Jacinth-Ambrosia is a mining and concentrating operation in the Eucla Basin, 800 kilometres from Adelaide. The operation primarily produces zircon with by-products of rutile and ilmenite. As part of an upper bound scenario, Geoscience Australia estimates that a single Jacinth-Ambrosia deposit could be discovered and developed in the WPA. Assumptions for discovering and developing a single Jacinth-Ambrosia-like deposit in the WPA are presented in Table 13.

Four Mile and Beverley

Four Mile and Beverley are two uranium mines, located in close proximity to each other and approximately 550 kilometres north of Adelaide. The Beverley mine ceased production in 2014, while Four Mile is currently still in operation. As part of an upper bound scenario, Geoscience Australia estimates that a combined Four Mile and Beverley-like deposit could be discovered and developed in the WPA. Key assumptions for discovering and developing a single Four Mile and Beverley-like deposit are presented in Table 14.

Net Present Values of future potential mines

The Net Present Value of each future potential mine is shown in Table 15. Using the upper and lower bound scenarios provided by Geoscience Australia and the individual mine Net Present Values presented in Table 15, the possible future mines in the WPA are estimated to have a Net Present Value between $6.4 billion and $19 billion.

Economic impacts

The economic impact of the hypothetical development of each mine project outlined in the above scenarios are explored. The analysis is based on the assumption that mineral deposits of similar size and characteristics to each project will be discovered and developed. Table 16 presents the results of the estimated economic effects of each mine project.

The projects have not been aggregated when measuring wider economic impacts. Aggregation of the projects into the lower and upper bound scenarios would require consideration of economy-wide effects of the projects occurring simultaneously.

Other considerations

Sensitivity analysis

Given that the assumed benefits of known resources and possible future mine scenarios occurs into the future, uncertainties are tested using sensitivity analysis. Two key variables are tested in the sensitivity analysis: the discount rate and commodity prices, with the results presented in Appendix C.

If commodity prices are 10 per cent lower than what has been used in the base case, the value of known mineral resources declines substantially, from $5.9 billion to $2.1 billion. In addition, the lower prices make iron ore projects Peculiar Knob and Commonwealth Hill, and coal projects Lake Phillipson and Penrhyn return negative Net Present Values. Similarly for possible future mines, Peculiar Knob gives negative returns under the lower price sensitivity analysis.

A higher discount rate for possible future mine scenarios delivers a material effect to the Net Present Value of the upper and lower bound scenarios. The range of values under the base case of a 7 per cent discount rate is between $6.4 billion and $19 billion. Under the higher discount of 10 per cent, the range of value is between $3.7 billion and $11 billion. Under the 3 per cent discount rate, the range of value is between $14 billion and $40 billion. Sensitivity to the discount rate can be expected, due to the high upfront capital outlays and long lead-in time before revenues are generated, a characteristic of many mining projects.

Developing mineral resources

The analysis in this report assumes the discovery and development of mineral Economic Demonstrated Resources and future potential mines in the WPA. However, in reality, exploration and mining investment only occurs under appropriate conditions, with many factors affecting the decision to undertake exploration activities and commit funding to projects, including the regulatory environment, tax and royalty arrangements, community acceptance, technical risks and access to infrastructure.

Commodity prices and exchange rates can be subject to volatility, which increases the financial risks and affects the commercial viability of a project. For example iron ore projects Peculiar Knob and Giffen Well were halted after prices declined in 2013. While mining deposits of similar size and characteristics could be viable in the future, investment in such projects would depend on the perceived risks of the operating environment.

Another important consideration is the availability of capital and labour when viewing the aggregated future possible mine scenarios and Economic Demonstrated Resources. The Net Present Value calculation and aggregations assume that there are enough resources for multiple additional projects to be realised in the WPA. This should be considered when interpreting the potential values.

Economic impacts

The assessment of economic impacts in this report uses I-O analysis to derive estimates of the economic activity that would be generated as a result of the development of mining projects. There are a number of limitations associated with this method, described in the methodology. In particular, this method often results in the overstatement of the impacts on employment and economic activity, and as a result, estimates of economic impacts in this report should be considered an upper-bound estimate. More complex modelling, such Computable General Equilibrium models would be required to overcome the limitations of I-O analysis.

There are also other economic impacts associated with the development of mining projects that have not been quantified in this report. For example, mining project developments affect both the current and capital accounts of the balance of trade. In addition to increasing Australian exports, growth in the sector also increases imports, particularly during the construction. The involvement of foreign entities through direct and portfolio investments also affects the capital account, with investments recorded as an inflow and repatriation of profits and dividends recorded as an outflow. Mining companies can also provide broader benefits to the wider community, which have not been considered in this report, such as introducing new technologies and expertise, and the provision of infrastructure, particularly in remote areas.

Conclusion

The Net Present Value of Economic Demonstrated Resources in the WPA is estimated to be $5.9 billion. Possible future mines in the WPA are estimated to have a Net Present Value between $6.4 billion and $19 billion. From the Economic Demonstrated Resources calculations, the Iron deposits contribute the most value with an estimated Net Present Value of $3.2 billion. For future possible mines, the Net Present Value of copper, as part of a Prominent Hill-like deposit, is the highest value commodity with an estimated value between $3.5 billion and $11 billion.

In terms of economic impacts, large mineral developments, such as that modelled in the Prominent Hill-like future potential mine, have the potential to have large employment and value add effects. The economic impacts of the other future potential mines have relatively smaller effects, but would still have the potential to materially increase employment and economic activity. Annual direct employment across the future possible mines ranges from 150 to 1,350 people, with secondary employment between 70 and 1,250 people. Annual value add across the future possible mines ranges between $8 million to $920 million.

The analysis in this report assumes the discovery and development of mineral Economic Demonstrated Resources and future potential mines in the WPA. However, in reality, exploration and mining investment only occurs under appropriate conditions, with many factors affecting the decision to undertake exploration activities and commit funding to projects. These factors should be considered when interpreting the values.

Appendix A: Acronyms and units

Appendix B: Geological terminology and data

Geological terminology

Geological data

Appendix C: Sensitivity analysis

Given that the assumed benefits of known resources and possible future mines occurs into the future, sensitivity analysis has been used for two key variables: the discount rate and commodity prices.

Discount rate

Table C1 present the sensitivity to the discount rate. Upper and lower bound discount rates of 3 and 10 per cent are used, guided by recommendations from the Office of Best Practise Regulation .

Commodity prices

The sensitivity of the Net Present Value estimates to the forecast prices are shown in Table C2. The sensitivity analysis uses prices that are 10 per cent higher/lower than assumed in the ‘base case’ analysis.

Inside cover information

Economic Assessment of Mineral Resources within the Woomera Prohibited Area

Andrea Bath, Rene Chaustowski, Monica Philalay and Dee Trainham

In collaboration with Geoscience Australia

This report was finalised on 9 August 2018.

Acknowledgements

The project team would like to acknowledge the contributions of:

Melissa Bray, David Thurtell, Kelly O’Brien and Geoscience Australia.

© Commonwealth of Australia 2018

Unless otherwise noted, copyright (and any other intellectual property rights, if any) in this publication is owned by the Commonwealth of Australia. Apart from any use as permitted under the Copyright Act 1968 and the Creative Commons Attribution 4.0 International License, no part may be reproduced or altered by any process without prior written permission from the Australian Government. Requests and inquiries concerning reproduction and rights should be addressed to:

Department of Industry, Innovation and Science, GPO Box 9839, Canberra ACT 2601 or by emailing chiefeconomist@industry.gov.au.

This work is licensed under the Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA.

Content contained herein should be attributed as Commonwealth of Australia Department of Industry, Innovation and Science, Economic Assessment of Mineral Resources within the Woomera Prohibited Area.

This notice excludes the Commonwealth Coat of Arms, any logos and any material protected by trade mark or otherwise noted in the publication, from the application of the Creative Commons licence. These are all forms of property which the Commonwealth cannot or usually would not license others to use.