MZI Resources Limited is proposing to mine and process around 56 million tonnes of sand on Bathurst Island over eight to 10 years.
The company would extract heavy mineral sand and place the remaining silica sand back into the mined area.
The mine is estimated to produce around 890 thousand tonnes of Heavy Mineral Concentrate including zircon and titanium for the Chinese market.
MZI Resources is proposing to construct a new airstrip to fly in the contruction workforce of about 50 people who would be housed at an accommodation camp.
The Northern Territory Environmental Protection Agency is calling for public comment on the draft guidelines for the mine's Environmental Impact Statement.