The Territory Government has announced record funding for more mineral exploration to drive more mining development and create more jobs across the Territory.
The Government will increase its annual funding to Resourcing the Territory from $6.5 million to $9.5 million from July 1, 2022 – with the funding to be ongoing.
There are currently 19 mining projects working towards a Final Investment Decision (FID) in the Territory with a combined value of $5.8 billion and potential to create 5800 construction jobs and 3200 ongoing jobs.
This announcement increases total funding available for further exploration work to green-light these projects. Funding will also be made available for operational projects to conduct required exploration to extend mine life, and for exploration to identify new deposits.
This announcement delivers confidence and certainty to the mining industry, as exploration will be crucial in unlocking major projects.
The mining sector is worth $4.4 billion annually to the Territory and it is our biggest employer.
The funding will enable:
- Near-term resource development through an increased focus on exploration of ‘brownfields’ sites
- Identification and promotion of new areas of the Territory for resource exploration
- Acceleration of geoscience programs to attract and de-risk mineral exploration
- Expansion of the Geophysics and Drilling Collaborations grants program
- Studies of the Territory’s geological potential for critical commodities to support a low-emissions future
- Further collaboration with the Federal Government’s Exploring the Future program which has facilitated substantial investment in the NT
The Territory is the world’s largest manganese producer and has some of Australia’s largest zinc, gold, bauxite, and rare earths deposits. It is increasingly being recognised for its massive resources potential and the time is now to invest in helping de-risk known areas of high prospectivity for the private sector.
The record investment delivers on recommendations of the Territory Economic Reconstruction’s final report.
The Government is committed to sustainable development of the sector, providing geoscience data to industry, and proactively promoting the Territory’s resource potential and investment opportunities to increase the Territory’s competitiveness as a destination to invest.
The Resourcing the Territory initiative was first launched in 2018, and delivered by the Northern Territory Geological Survey (NTGS) through a $26 million package over four years, which will be completed in June 2022.
The private sector has invested more than $350 million in minerals and petroleum exploration expenditure in the Territory since the start of the Resourcing the Territory initiative. The initiative has also helped generate more than $36 million in co-investment from the Australian Government.
All products and data generated through Resourcing the Territory are publicly available and can be accessed at www.resourcingtheterritory.nt.gov.au.
Source: NT Government