New data shows the Northern Territory has seen a significant increase in mineral exploration expenditure in 2022, with almost half of the $198.6 million spent on exploration going towards critical minerals such as lithium and rare earths.
The guide shows mineral exploration expenditure in the Northern Territory shot up by almost 30 per cent in 2022.
Northern Territory Minister for Mining and Industry, Nicole Manison, said, “The Territory is underexplored for critical minerals and the demand for these minerals is expected to soar to support renewable energy, battery storage and high-tech industries.
“This presents huge economic and strategic opportunities for the Northern Territory to become a leading and reliable supplier of minerals to support the global energy transition.
“The $82.7 million spent on exploration for critical minerals such as lithium and rare earths was a record, 74 per cent higher than the record previously set in 2011.
“Through the Resourcing the Territory program, the Territory Labor Government is backing an industry that not only provides a greener future, but employs thousands of Territorians.”
In 2022, mineral exploration expenditure was $198.6 million – up from $153.4 million in 2021.
Almost half of the exploration expenditure was for minerals such as lithium, rare earths and other critical minerals at $82.7 million.
For the December 2022 quarter, mineral exploration expenditure in the Northern Territory was $56 million – up 25 per cent on the same quarter in 2021.
The data coincides with the release of the Critical Minerals in the Northern Territory guide, which highlights the critical minerals available in the Territory, assisting international investors wanting to explore. It was released in Canada early March 2023, at the world’s largest mining investment conference in Toronto.
The guide outlines the Territory’s current list of 15 critical minerals, as well as geological potential for a further 13 emerging critical minerals.
Critical minerals are used to manufacture advanced technologies, such as mobile phones, computers, fibre-optic cables, semiconductors, banknotes, and in defence, aerospace and medical applications. But the most rapid increase in demand is driven by their use in low-emission technologies, such as electric vehicles, wind turbines, solar panels and rechargeable batteries.
