The Lawler Labor Government is backing the industries that get the Territory working by investing $9.5 million a year, through the Resourcing the Territory program, into growing mineral exploration and production.
The Northern Territory has 17 of the world’s most in demand critical minerals, including lithium, rare earths, graphite and copper and in independent report ranks the Territory in the top 10 globally for investment attractiveness, and 3rd globally for Mineral Potential behind WA and Nevada in the US.
A huge driver of the economy, the total value of mineral production in the Northern Territory was $4.38 billion last year, with 5,300 working within the industry.
An outcome evaluation report by Deloitte has shown that the first four years of the Resourcing the Territory initiative – introduced by the Territory Labor Government in 2018 – has helped significantly boost investment in resources exploration in the NT.
The report comes as the recently released Fraser Institute Survey of Mining Companies showed the Territory ranked second in the world for the number of respondents stating that our geological database encouraged investment.
The survey also shows that the Territory remains in the top 10 globally for investment attractiveness, and is ranked 3rd globally for Mineral Potential behind WA and Nevada.
Mineral exploration expenditure in the NT continues to boom, recording $228.1 million in 2023 – up 14% on the 2022 figure.
The outcome evaluation report included multiple case studies that demonstrate that pre-competitive geoscience, legacy data capture and exploration grants led to substantial new investments in the NT, including investments from major mining companies through joint ventures and partnerships.
In 2023-24 the Resourcing the Territory’s exploration grants program supported 38 projects by 30 companies, such as Prodigy Gold NL exploring for gold in the Tanami region, and Encounter Resources Ltd exploring for copper in the prospective Sandover project in Central Australia.
This week, Arafura Resources announced it received a further US$300 million worth of funding to progress their Central Australia project.
The Lawler Government will continue to invest in critical minerals and natural gas. This is why we are backing projects like Middle Arm which will support 20,000 Territorians in work.
Additionally to support the Territory’s competitiveness, the Lawler Labor Government last week announced a change to the way mineral royalties are calculated in the Territory, with a new ad valorem royalty scheme to commence from 1 July 2024 for new mines that commence from 2024.
To view the Deloitte report into the Resourcing the Territory 2018-2022 initiative visit here
Quotes attributed to Chief Minister, Eva Lawler:
“We’re backing the industries that get the Territory working and that means investing in growing the mining and resources industry.
“The Territory has a huge opportunity to power the world for decades to come through natural gas and critical mineral exports – both critical to supplying future global power demands.
“Backing the mining and resources industry means thousands more work opportunities for Territorians.”
Quotes attributed to Minister for Minister, Mark Monaghan:
“Through initiatives such as our $9.5 million per year resourcing the Territory program, we have been promoting the Northern Territory’s geological potential for critical minerals, and industry is actively recognising the Territory’s potential.
“We know the value of this program – this is why we brought it in six years ago. And now an independent evaluation is telling us just how crucial it is to attracting further investment and helping companies do their job.”
Northern Territory Government
