The Northern Territory has greenlit its fifth large mining project in a year in a bid to boost revenue for its cash-strapped economy.
Vista Gold Australia is set to restart operations at the Mount Todd Mine, about 250km south of Darwin.
The project is expected to create about 450 jobs during construction and 350 jobs during peak production, Mining and Industry Minister Nicole Manison said on Tuesday.
The gold mine ceased operations in 2000 and has been in maintenance since 2006 when Vista acquired the mineral titles.
The company has received its Aboriginal Areas Protection Authority certificate and has its mining management plan approved by the government.
It's the fifth significant mine approved by the NT government in the past 12 months, with hopes the resource industry can create badly needed revenue for the cash-strapped economy.
The announcement comes about a month after the NT budget, which showed the Territory was falling deeper into the red.
The 2021/22 budget released in May revealed a $1.35 billion deficit and net debt of $9 billion, the equivalent to 122 per cent of revenue.
That is expected to climb to $11.4 billion, or 166 per cent of revenue, by 2024/25 but the deficit is set to fall to $629 million.
The mining sector is worth about $4.4 billion annually to the Territory and is the biggest employer, with more than 4400 workers.
