NT stands to benefits from Albanese Govt critical minerals and gas priority

Minister for Resources and Minister for Northern Australia Madeline King has signalled the implementation of the Future Gas Strategy and the Critical Minerals Strategy will be a priority, which augurs well for the Northern Territory. Read why.

Prime Minister Anthony Albanese and Minister for Resources, Madeline King have signalled the implementation of the Future Gas Strategy and the Critical Minerals Strategy will be a priority, which augurs well for the Northern Territory. Picture: NewsWire / Sharon Smith

Minister for Resources and Minister for Northern Australia Madeline King has signalled the implementation of the Future Gas Strategy and the Critical Minerals Strategy will be a priority, which augurs well for the Northern Territory.

Minister King said strengthening the resources industry is a key priority of the new Albanese Government as a part of its Future Made in Australia agenda.

“The implementation of the Future Gas Strategy and the Critical Minerals Strategy is vital for the nation’s productivity agenda,” she said.

“The development of our critical minerals and rare earths sector is central to Australia’s national economic, trade and security interests.

“The creation of a Critical Minerals Strategic Reserve, combined with Production Tax Credits and the expansion of the Critical Minerals Facility will support Australia’s economy and boost our resilience in a time of global uncertainty.”

The Federal Government is aiming to bolster Australia’s economic resilience and national security, transitioning from a critical mineral supplier to a global market leader.

Prime Minister Anthony Albanese said the Critical Minerals Strategic Reserve would help Australia unlock its full potential of critical minerals.

“Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience,” Mr Albanese said. “To leverage our natural resources is in our national interest.”

Tamboran Resources exploration works in the Beetaloo Sub-basin. Picture supplied: TAMBORAN Resources

To date the Albanese Government has invested $1.24 billion in the Northern Territory’s Arafura Rare Earth project

Northern Territory gas explorer Tamboran Resources recently signed a milestone agreement that could see it supplying gas to the Arafura Rare Earths Limited Nolans project in Central Australia. Tamboran and Arafura have entered into a non-binding Letter of Intent (LOI) to progress discussions for gas supply from Tamboran’s Beetaloo Basin assets to Arafura’s Nolans rare earth project 135km north of Alice Springs.

Minister King said the federal Government’s plan for northern Australia through work such as its continued support for the northern Australia Infrastructure Facility will create jobs, build infrastructure and support communities.

“Our resources industry is the engine room of the economy, but it is also increasingly important for our sovereignty and our national security,” Minister King said.

“Critical minerals and rare earths are essential for our defence industry and will be needed by our security partners, particularly as part of AUKUS.

“The Albanese Labor Government will work to ensure that all Australians benefit from the resources that are essential to our national interest.”

Originally published as NT stands to benefits from Albanese Govt critical minerals and gas priority