The Northern Territory Government has valued the Territory’s mining and resource industry at $6.2 billion, with mineral exploration for the September quarter of 2023 resulting in a record expenditure of $74.4 million.
The Territory Government has also released an updated guide to critical minerals in the territory to attract further investment in the sector, including details on minerals needed around the globe.
As part of the update, the Territory’s critical minerals list has increased from 15 to 17, with gallium and graphite added to the list following recent discoveries of these minerals in the Territory.
The mining and resources industry creates more direct and indirect jobs for Territorians than any other, currently directly employing over 5,300 people and contributing close to a quarter of the Territory’s gross state product.
A Territory-wide Social Licence campaign will be implemented to reinforce the rigour of the Territory’s regulatory environment, as well as collaborating with industry to promote efforts to achieve a sustainable future.
The Mineral Development Taskforce reinforced the importance of the government working with industry to build credibility, legitimacy and a level of acceptance in the Territory, as well as informing public commentary with correct facts.
Starting this month, the Territory Government will roll out informative and factual content about industry regulation and the importance of the sector for Territorians. Led by the Department of Industry, Tourism and Trade, it will be underpinned by a new website that provides additional information about the sector.
Chief Minister of the Northern Territory, Eva Lawler, said the sector is key to achieving the Territory Government’s goal of a $40 billion economy by 2030.
“Having a strong and diversified economy means that we will have the revenue to enable investment back into Territory priorities and essential services such as secure energy supply, health, education, housing, and infrastructure.
“The Territory Government is sending a loud and clear message to investors that we are a world class destination for mining and we have the resources needed for low emission technologies.
“The new 2024 critical minerals guide lists 17 critical minerals, with the addition of graphite and gallium, thanks in part to an investment by Transition Minerals down in the Barkly. This is Australia’s first gallium resource development.”
Northern Territory Minister for Mining, Mark Monaghan, said, “The Territory’s mining and resources industry is the backbone of our economy, and creates more direct and indirect jobs than any other.
“The Northern Territory Government has an important role to build trust in the regulator to meet our responsibilities to do right by Territorians. We must also continue to work with Industry to keep Territorians informed about the role mining and resources has in the Territory and in their lives.
“We must also continue to work with industry to keep Territorians informed about the role mining and resources has in the Territory and in their lives.
“The Territory Labor Government’s steadfast focus remains on building a $40 billion, and this newly implemented Social Licence will ensure Territorians are informed and involved throughout the entire journey.”
