It’s mine: Manison trumpets Territory eploration surge
Minerals exploration is powering up in the Territory. See how much it’s surging and what it’s worth.
Business
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Mineral exploration expenditure in the Northern Territory in the past financial year reached $200.1m – up 17 per cent from the previous year and the highest recorded since 2011-12.
Deputy Chief Minister and Mining Minister Nicole Manison will tell delegates at Wednesday’s NT Resources Week conference that the 17 per cent rise in expenditure in the Northern Territory in 2022-23 was higher than the Australia-wide increase of 7 per cent .
Australian Bureau of Statistics figures show that critical minerals expenditure increased 33 per cent in 2022-23 to $88.6 million - comprising 44 per cent of all mineral exploration in the Territory.
Exploration also increased for other minerals that are critical for the energy transition, such as copper and uranium.
Ms Manison will tell delegates not familiar with the NT’s resource story - and remind those who are - that the Northern Territory has 15 internationally recognised critical minerals and has geological potential for a further 13 emerging critical minerals.
“The mining and resource industry plays a vital role in the Northern Territory, and it will continue to play one as we head towards a renewable energy and net zero emission future,” she will say.
“The Northern Territory is bucking the national trend in mineral exploration expenditure and setting records, driven by demand for our critical minerals.
“As the world transitions to renewable energy the demand for the Northern Territory’s resources will grow, we will be global leaders in the critical minerals supply chain – boosting our economy and creating thousands of jobs.”
In its 15th year, NT Resources Week brings together The South East Asia Australia Offshore and Onshore Conference, Mining the Territory conference and the Environmental Management and Decarbonisation Forum.
Ms Manison said it was an opportunity to tell investors the Territory was a world class destination for mining, with the resources needed for low emission technologies.
The Territory’s resource industry is worth around $6.2 billion, and is one of the largest job creators with around 5300 people directly employed by the sector.
On Wednesday, Ms Manison will meet with industry figures including representatives from Tamboran, Arafura Rare Earths and pipeline company APA.
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