Mining companies rank Northern Territory third globally for ‘critical mineral potential’

Mining companies around the world have had their say on the most lucrative jurisdictions for critical minerals, with the NT ahead in several categories but still lagging on approval times.

The Territory’s untapped reserves of critical minerals are third most lucrative in the world and the region ranks eighth globally for “investment attractiveness” to mining companies.

That is according to 300 global miners and industry players who fielded the Fraser Institute Annual Survey of Mining Companies, which together spent $4.1 billion on exploration last year.

The Territory ranked only behind Western Australia and Nevada, US, for jurisdictions with the most potential for surveying and exploring in-demand minerals including lithium, rare earths, graphite and copper.

The Territory’s untapped reserves of critical minerals are third most lucrative in the world and the eighth globally for overall ‘investment attractiveness’, according to the Fraser Institute Annual Survey of Mining Companies. Photographer: Jacob Kepler

Critical mineral extraction injected $4.38 billion to the local economy last year, just more than half of the $8.2 billion contribution mining made to gross state product.

The NT’s geological database was hailed “the best in Australia” according to one company president who said it “provides much useful and abundant information to explorers”.

However, six out of 10 miners said their expected wait times for exploration permits exceeded 15 months.

In comparison, WA issued all permits within that same time frame and Ontario, Canada, led the global pack with 50 per cent finalised within two months of application.

The Country Liberal Party has promised to slash approval wait times by 50 per cent if it wins government in August.

Shadow Mining Minister Steven Edgington on Wednesday accused Labor of “failing to support the mining industry” and letting mineral exploration decline by 35.4 per cent in the March 2024 quarter

However on Friday, Mining Minister Mark Monaghan rubbished the claims and said the CLP was “scare mongering investors for political gain” by failing to factor in seasonal fluctuations.

Mining Minister Mark Monaghan accused the Country Liberal Party of “scare mongering” with inaccurate statistics. Picture: Sierra Haigh

“Exploration typically decreases in the March quarter due to the wet season,” he said.

“However, March 2024 figures are the highest ever on record at $41 million, up seven per cent on the March 2023 quarter.”

Between 2018 and 2022, Labor spent $24.4 million on subsidising critical mineral exploration and surveying under its Resourcing the Territory initiative.

A report card into the scheme released by Deloitte last week said during that time, “mineral exploration activity in the NT reached its highest levels in over a decade”.

In the same period, the government increased overall spending on mineral exploration by 38 per cent according to the report.