Northern Territory Mines and Energy Minister Willem Westra Van Holthe has confirmed that his government supports further minerals and petroleum exploration in the Territory.
Speaking at the Annual Geoscience Exploration Seminar in Alice Springs today, he said that foreign investment is likely to play an important role in funding large scale exploration and mining.
"We are continuing to support programs to assist explorers in attracting investment from key markets such as China, Japan, Korea and North America," Westra Van Holthe said.
According to the ABC has reported, he pointed out that the government was unsatisfied with the fact that there have been so few new mining projects in the past few years.
Despite the fact that exploration is now at unprecedented levels, the last new mine in the NT opened back in 2006.
"We are committed to work to ensure that projects have every opportunity to become new mines," he said.
Since its election last August, the government has been positioning itself as new hotspot for mining. For instance, it has called for reforms to land rights legislation in order to encourage more mining; and suggested that the seabed mining ban could be lifted before 2015.