NT breaks 12-year mining industry record

The Territory’s critical minerals are in ‘high demand,’ Nicole Manison declared after a 12-year record was broken. Read more for the details.

The Northern Territory has recorded its highest expenditure for mineral exploration ever, smashing a 12-year record.

On Wednesday, the Territory Government confirmed mineral exploration expenditure for the September quarter rose to $74.4 million, breaking the previous record of $71.6 million set in September 2011.

Of note, the Territory experienced a 30 per cent year-on-year rise in mineral exploration expenditure compared to the Australia-wide increase of five per cent.

With the NT boasting 15 internationally recognised critical minerals and a potential 13 emerging minerals, Mining Minister Nicole Manison said it was “in high demand”.

“These latest figures show the world is quickly transitioning to renewable energy – and the Territory’s critical minerals are in high demand,” she said.

Of note, critical minerals – such as lithium and rare earths - is driving most of the growth, accounting for $37.8 million in exploration expenditure.

Mining Minister Nicole Manison declares the NT has smashed its mining exploration expenditure record.

“The Territory’s resources sector, both in exploration and production, is a significant driver of the Territory’s economy – currently contributing close to a quarter of the Territory’s gross state product.”

Ms Manison said the NT was defying trends seen across Australia.

“We have had a record breaking quarter for mining exploration in the Northern Territory this year...$74 million quarter up 30 per cent on the year before and we are bucking national trends,” she said.

“The nation went up by five per cent, the NT went up by 30 per cent, and the reason why is because the message is out there loud and clear the NT is the place to come for mining exploration.

“We have the critical minerals the world needs.

“Part of the September quarter we have seen huge exploration numbers for lithium and rare earths... the critical minerals the world needs to deliver the technology to help decarbonise the world and tackle climate change.”

Ms Manison said the government was committed to promoting the Territory as a “mining destination”.

“The sector creates jobs, helps build our regions, and grows wealth for all Territorians, which is why the Territory Labor Government will always back it in through Resourcing the Territory grants and making the NT the most attractive place to do business,” she said.

Looking to the future, the Mining Minister said the government was promoting NT as a mining destination.

“We are also reforming our mining industry right now, we have delivered our minerals development taskforce, we are reforming the royalties regime in the Northern Territory,” she said,

“We are seeing some really good results from increasing the ‘Resource in the Territory Initiative’, by making sure we have more money out there to attract more miners to come in and do exploration in the Territory.

“We have also opened it up from not only green field sites to brownfield sites too.”