The Northern Territory has recorded its highest ever mineral exploration expenditure, up by 30 per cent to $74.4 million.
“These latest figures show the world is quickly transitioning to renewable energy – and the Territory’s critical minerals are in high demand,” Minister for Mining Nicole Manison said.
“The Territory’s resources sector, both in exploration and production, is a significant driver of the Territory’s economy – currently contributing close to a quarter of the Territory’s gross state product.”
Mineral exploration in the Territory is on track to be the highest calendar year expenditure on record, blowing the Australia-wide expenditure increase of five per cent out of the water.
The driving factor behind the growth is the demand for critical minerals – including lithium and rare earths – accounting for $37.8 million in expenditure.
The Territory currently has 15 internationally recognised critical minerals with geological potential for a further 13.
In 2023, $3.7 million in grants were awarded to 38 projects as part of the $9.5 million Resourcing the Territory initiative, aimed at supporting exploration and development.
“The sector creates jobs, helps build our regions, and grows wealth for all Territorians, which is why the Territory Government will always back it in through Resourcing the Territory grants and making the NT the most attractive place to do business,” Manison said.
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