The Territory Labor Government’s support of the mining industry is boosting the economy and creating jobs, with the latest quarterly mineral exploration expenditure the highest ever recorded in the Territory
Mineral exploration expenditure for the September quarter has shot up by 30% to $74.4 million compared to the same quarter last year and smashes the previous record of $71.6 million set in the September 2011 quarter.
The 30% year-on-year rise in expenditure in the Northern Territory for the September quarter was much higher than the Australia-wide increase of 5%.
Mineral exploration expenditure in the NT in 2023 is currently on track to be the highest calendar year expenditure on record.
Demand for critical minerals – such as lithium and rare earths – is driving this growth in exploration, accounting for $37.8 million in exploration expenditure
The Territory has 15 internationally recognised critical minerals and has geological potential for a further 13 emerging critical minerals.
And the Territory’s potential is increasingly being recognised, with our highest ever ranking in the global Fraser Institute survey earlier this year -ranked 1st globally for Best Practice Mineral Potential as the most geologically prospective jurisdiction.
As part of the Territory Government’s support for critical minerals exploration, this year $3.7 million in grants were awarded to a record 38 projects from 30 companies as part of round 16 of the Geophysics and Drilling Collaborations grants program.
This is part of the $9.5 million Resourcing the Territory initiative, which is the largest and longest-term investment ever made by a Territory Government to support resource exploration and development.
The Territory Government also established the Mineral Development Taskforce to investigate and identify opportunities to accelerate private investment in the resources sector.
Earlier this year the MDT delivered its report and 28 recommendations to drive sustainable development of the Territory’s resources sector, which the Government accepted and is now implementing.
Quotes attributable to Minister for Mining, Nicole Manison:
“These latest figures show the world is quickly transitioning to renewable energy – and the Territory’s critical minerals are in high demand.
“The Territory’s resources sector, both in exploration and production, is a significant driver of the Territory’s economy – currently contributing close to a quarter of the Territory’s gross state product.
“The sector creates jobs, helps build our regions, and grows wealth for all Territorians, which is why the Territory Labor Government will always back it in through Resourcing the Territory grants and making the NT the most attractive place to do business.”
Northern Territory Government
