Earlier this year the NT obtained its highest ever ranking on the global Fraser Institute survey, topping the list for Best Practice Mineral Potential as the most geologically prospective jurisdiction. Photo: John Carnemolla.
The Northern Territory Government has reported its highest ever quarterly mining expenditure.
In the September quarter, spending on mineral exploration grew to $74.4 million, breaking the Territory’s previous record of $71.6 million in September 2011.
The 30 per cent year-on-year increase in expenditure in the NT for the September quarter was much higher than the Australia-wide increase of 5 per cent.
Now, the Territory is on track to set its highest calendar year expenditure on record in 2023.
The Territory Government says this growth is being driven by demand for critical minerals such as lithium and rare earths, which account for $37.8 million in exploration expenditure.
The region is internationally recognised for its 15 critical minerals and the geological potential for a further 13 emerging critical minerals.
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.
These grants came from the $9.5 million in funds managed by the Resourcing the Territory initiative, which is the largest and longest-term investment made by the Territory Government to support resource exploration and development.
Mining Minister Nicole Manison said these latest figures show the world is quickly transitioning to renewable energy, which has put critical minerals 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,” she said.
“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.”
The government has also established the Mineral Development Taskforce to investigate and identify opportunities to accelerate private investment in the resources sector.
Earlier this year, it delivered a report of 28 recommendations to drive sustainable development, which the government accepted and is now implementing.
