Diamond production crashes to $0 amid Merlin Diamonds collapse
THE NT’s production of an entire commodity has ground to a halt following the liquidation of a major company, as the Deputy Chief Minister spruiks the mining industry. READ THE DETAILS
Northern Territory
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PRODUCTION of diamonds in the Northern Territory has crashed to $0 in the past financial year after the only mine producing the precious resource wound down.
The Merlin Diamond Mine’s operator was ordered by the Federal Court to be wound down in April this year, having been deemed insolvent.
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Not a single carat of the product was produced in 2019-20 in the NT, compared to 2844 carats in 2018-19.
It comes after the NT government revealed yesterday that mining produced $4.4bn in resources in the 2019-20 financial year, an 11 per cent drop on 2018-19 but still the third-best total on record.
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Deputy Chief Minister Nicole Manison said $123m worth of exploration would’ve been higher if not for COVID-19 biosecurity zones.
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