ABS data shows mineral exploration in the NT hi $40.4m in June quarter
Mineral exploration in the Northern Territory is booming, according to figures from the Australian Bureau of Statistics.
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MINERAL exploration in the Northern Territory is booming, with $40.4m worth of expenditure in the June 2021 quarter, according to figures from the Australian Bureau of Statistics.
The data shows it was a 66 per cent increase on the June 2020 quarter, the highest rise in Australia and the highest quarterly expenditure recorded in the NT, for any quarter, since 2012.
For the 2020-21 financial year, mineral exploration expenditure in the NT cashed in at $128.3m, up 4 per cent on $123m for 2019-20.
Figures also show 70 per cent of the NT’s expenditure was from brownfield areas, reflecting large drilling programs carried out by companies such as Core Lithium, KGL Resources, Bacchus Resources, Castile Resources, Newmont and Vista Gold.
This year, Thor Mining was awarded funding to begin drilling at the Molyhil Tungsten-Molybdenum project, 220km northeast of Alice Springs.
It was given Major Project Status by the NT government in 2020.
Thor Mining managing director Nicole Galloway-Warland says drilling began in mid-October, made possible with the NT government’s support via a $110,000 grant under the Geophysics and Drilling Collaboration program, part of the government’s $26m Resourcing the Territory initiative.
“It’s always very exciting when you identify your target and then follow through with a drilling program,” Galloway-Warland says.
“There’s lots of activity happening in the Northern Territory and the government has been very supportive and favourable with assisting the permit side of things.
“From my point of view, the successful grant has re-validated the prospectivity of my drill targets and we are looking forward to be able to commence drilling.
“We are in the process of evaluation to move towards development and are also wanting to extend our mine life by doing some brownfields exploration.”
Galloway-Warland says drilling will take about six weeks, with project development to take an estimated 12 months.
About 100 people will be employed for the development phase, with Galloway-Warland saying the company is focused on using a local workforce and companies.
Mining and Industry Minister Nicole Manison says the exploration figures show the NT is an ideal place for resource or mining investments.
“These are record numbers for the NT resources sector and that’s why we are focused on securing investment opportunities for the Territory and creating more local jobs,” Manison says.
“We are serious about getting on with the job of growing our economy to $40bn by 2030, with 20 mining projects currently working towards a Final Investment Decision in the Territory with a combined value of $6.2bn and potential to create 5700 construction jobs and 3400 ongoing jobs.”
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Originally published as ABS data shows mineral exploration in the NT hi $40.4m in June quarter
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