Work is due to start on the £280m Circuit of Wales near Ebbw Vale before the end of the year.
The Heads of the Valleys Company, which is leading the project, says agreement's been reached with Blaenau Gwent County Borough Council on its planning application.
Backers say it'll be able host international motor events and includes a 3.5 mile track as well as a Motocross and Karting track and off-road driving facilities.
It's estimated that 750,000 people will visit the facility each year and it's expected to generate £50m a year for the Welsh economy.
Developers say an anticipated 3,000 new jobs will be created during the construction phase, with approximately 6,000 new jobs once the development is complete.
The company behind plans to build a race track in Blaenau Gwent says it is "pleased to have reached a positive outcome" after discussions with Natural Resources Wales - and is now waiting for the Welsh Government's decision on whether to call in the proposals.
Throughout the planning process we’ve been committed to working with all stakeholders to ensure we address, as much as possible, the specific concerns they have.
After ongoing discussions with Natural Resources Wales we are pleased to have reached a positive outcome and await further news once the Welsh Government has had sufficient time to consider the responses from stakeholders.
Environmental body Natural Resources Wales has withdrawn its objections to plans to build a £280m race track near Ebbw Vale, and told the Welsh Government that it does not need to call in the development for scrutiny.
The proposal for the Circuit of Wales was given outline planning permission by Blaenau Gwent County Borough Council last month.
Two weeks ago, the Welsh Government stepped in to put progress on hold, asking for time to consider whether it needed to call in the plans for its own consideration.
Natural Resources Wales had previously registered concerns about the planned circuit's impact on important habitat for wildlife, the loss of peat from the area, and the impact on the Brecon Beacons National Park, which borders the site.
The environmental body now says it has had "detailed discussions" with developers, and identified specific work, which would need to be included in planning conditions, to mitigate against those concerns. It will continue to work with developers.
Graham Hillier from Natural Resources Wales said: “We have always recognised the importance of this development for the local community. Equally, we would have failed in our statutory duties if we had not raised the concerns about the impact this proposed development could have on the environment."
“Following lengthy discussion with the developers, we have agreed how the potential impacts of this development could be mitigated and the scheme can progress."
The company behind the plans for the 'Circuit of Wales' race-track say they will work with the Welsh Government to overcome any concerns about the development.
We are very confident in the outline planning application we have submitted and are delighted that we received the unanimous backing of Blaenau Gwent County Borough Council in today’s vote. The Welsh Government has asked for more time to look at the project and we’re happy to continue engaging with them and all stakeholders to ensure we address, as much as possible, the specific concerns they have.
Planning approval for the 'Circuit of Wales' racetrack north of Ebbw Vale was stopped in its tracks today.
The Welsh Government stepped in to ask Blaenau Gwent Council not to give the plans the green light as ministers want to look at the plans in more detail.
"The holding direction provides the Welsh Ministers with more time within which to consider whether or not the application should be called in for their own determination," said a government spokesman.
"The Welsh Ministers have been asked to call-in the application and those requests are still under consideration. The holding direction provides the Welsh Ministers with more time within which to consider whether or not the application should be called in for their own determination."
The holding direction prevents the council from granting planning permission but doesn't stop the council from continuing to process the application.
On Wednesday's ITV News, Ed Foster from Motor Sport Magazine discusses the proposed Circuit of Wales motorsports track with presenter Jonathan Hill.
He says there are still "plenty of hurdles to come", citing the need for finance.
Michael Carrick, Chief Executive of the Heads of the Valleys Development Company, the firm behind the project, says "genuine concerns" about the environmental impact of the scheme have been taken seriously.
He insisted the project remains viable, saying the site's transport links would benefit it.
Councillors have given their unanimous backing to a massive project to bring jobs and a major visitor attraction to one of Wales' poorest areas.They've rejected enviromental concerns and complaints from some local people to support the £250m Circuit of Wales motorsports scheme.
The track will create up to 6,000 jobs claim developers when it is built on open land at Rassau. Nature groups are opposed to the plan.Read the full story ›
Michael Carrick, Chief Executive of the Heads of the Valleys Development Company Ltd which is behind the Circuit of Wales, says the development will bring growth and reposition the South Wales Valleys.
South Wales Police has informed the family of Hollie McClymont of a body found in the sea near Fontygary.
Body recovered from sea near Fontygary, Vale of Glam. Body not yet identified. Family of missing Hollie McClymont informed of development
The 14-year-old from Glasgow went missing last Sunday. It is feared the schoolgirl may have got into difficulty in an area of Whitmore Bay which can be prone to strong tidal currents.