Recent figures have shown that Northern Territory mineral production is thriving, with the second highest value ever recorded, demonstrating a large boost for the economy and local jobs.
The total value of mineral production for the 2022 financial year was $4.86 billion, up 14 per cent from last year’s figure of $4.28 billion.
As well as being the second highest figure ever recorded in the Northern Territory, it is also just shy of the record figure of $4.92 billion in 2018/19.
Higher manganese and zinc prices have contributed to the increase in the value of mineral production in the territory, with the value of manganese production rising 21 per cent to $1.78 billion, and the total value of zinc-lead concentrate increasing by 27 per cent to $1.15 billion.
There was also a two per cent increase in the volume of gold produced to 15.2t (528,000 ounces), with a four per cent increase in the value of gold production to $1.24 billion due to a slightly higher gold price.
Northern Territory Minister for Mining and Industry, Nicole Manison, said, “The Territory is the best place for exploration and mining investment in Australia, and these sensational figures are testament to that.
“With a new lithium mine coming into production and a number of other projects approaching final investment decision, we look forward to these figures growing even further in future years.
“The minerals sector is a vital contributor to our economy, and this increased production value shows that there is no better place than the Territory for resource development.”
The newly established Mineral Development Taskforce will accelerate mining development in the Territory, delivering a clear indicator to investors that the Northern Territory is committed to growing this key sector.
The $9.5 million Resourcing the Territory initiative is the largest and longest term investment ever made by a Territory Government to support resources exploration and development, and continued strengthening of the resources sector will lead the territory well on its way to a $40 billion economy by 2030.
