Applications for the Northern Territory Government’s Geophysics and Drilling Collaborations program are now open, with the program set to provide up to $3 million in grants in 2023-24, designed to encourage and assist exploration activity in the Northern Territory.
The program is part of the Northern Territory Government’s $9.5 million Resourcing the Territory program, which aims to address geoscientific knowledge gaps, advance exploration activity and support the discovery and development of resources in the Territory.
Northern Territory Minister for Mining and Industry, Nicole Manison, said, “We know that resources are the biggest contributor to the Territory economy, creating thousands of local jobs directly and indirectly.
“Our $9.5 million Resourcing the Territory program is the biggest investment by any Territory Government into programs to attract and support resources exploration in the Territory.
“The program is designed to accelerate mineral exploration and discovery that will drive mining development and create even more jobs right across the Territory.”
The scope of exploration activities that are eligible for co-funding has been broadened this round in a bid to support a wider range of exploration activities.
The grants are awarded to companies that are exploring new areas or using innovative techniques.
Information gained from collaborative projects is released to the public six months after the completion of field work, to enhance publicly available knowledge on the Territory’s geology and resources, and encourage further exploration.
The Northern Territory is the ideal location for geophysics exploration, as minerals are a huge driver of the economy. The total value of mineral production in the Northern Territory was $4.86 billion in 2022, with 4,400 people employed within the industry.
The Territory also has 15 of the world’s critical minerals, with high geological potential for a further 13.
Demand for these critical minerals is projected to rapidly grow with the increasing transition to renewable energy and battery storage, along with the crucial role of these minerals in areas such as medicine and defence.
This presents a significant economic and strategic opportunity for the Northern Territory, and one that is a key part of the Territory Government’s plan to build a $40 billion economy by 2030.
