TERC report recommendations could reap huge investment in NT mining, says Mineral Council of Australia
THE final Territory Economic Reconstruction Commission report confirms the NT needs to be hungry for new investment to make the most of the minerals sector’s potential to support growth, jobs and economic development, the Minerals Council of Australia has said.
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THE Northern Territory needs to be hungry for new investment, to make the most of the minerals sector’s potential to support growth, jobs and economic development.
That is confirmed in the final Territory Economic Reconstruction Commission report, the Minerals Council of Australia said.
MCA NT executive director Drew Wagner said the adoption of the TERC recommendations would go far in realising the immense benefits provided by the current minerals development pipeline of 17 projects and more than $6bn in investment.
“The report confirmed the Territory’s world class minerals sector will be crucial to the jobs and investment our communities need, to recover and thrive after the COVID-19 pandemic,” Mr Wagner said.
“The MCA NT is encouraged by the opportunities presented by the government’s adoption of this report.
MORE ON THE TERC REPORT
“In particular, the government’s plans to urgently stand up a Territory Minerals Development Taskforce to accelerate mining development, promote partnered and targeted exploration activity, develop a suitably skilled and ready workforce and produce a land access guide to outline rights and obligations in a respectful manner are consistent with MCA NT’s long-term advocacy.
“The NT minerals industry will work with the community and government to grow the sector on behalf of all Territorians to help reap the many benefits of widespread rural and regional economic development.
“The government’s clear sense of urgency in implementing the recommendations in this report is great news.”
The Australian Petroleum Production and Exploration Association was equally buoyant about the report.
APPEA NT director Keld Knudsen welcomed the commission’s acknowledgment of the importance of the Territory’s oil and gas sector to create investment and jobs.
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“With abundant natural resources, access to key markets in Asia and a skilled workforce, the Territory is well positioned to rebound from the COVID-19 pandemic and to capitalise on the emerging opportunities created by increasing global energy demand, particularly in Asia,” he said.
“We have a tremendous opportunity to continue to turn the Territory’s existing and prospective natural resources – including in the Beetaloo Basin – into long-term wealth and increased economic growth.
“Responsible development of these resources will also provide lower emissions energy to the local economy and globally through LNG exports to Asian customers.”
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