Critical minerals, Mining Commodities, News

Northern Territory spends big on critical minerals

Red5, De Grey Mining and 29Metals have reported strong finishes in their quarterly reports.

The Northern Territory has spent $198.6 million on mineral exploration in a bid to become a key player for the global supply chain of critical minerals.

Almost half of the expenditure was for minerals such as lithium, rare earths and other minerals critical for new technologies and the green energy transition.

In the December 2022 quarter alone, the NT spent $56 million on mineral exploration, up 25 per cent from the December 2021 quarter.

The release of the statistics coincides with the release of the Critical Minerals in the Northern Territory guide.

The guide highlights the abundance of critical minerals in the state and outlines the current list of 15 critical minerals as well as the geological potential for a further 13, assisting international investors looking to explore.

Critical minerals are used widely in low-emission technologies such as electric vehicles, rechargeable batteries and solar panels, as well as in everyday technology such as mobile phones, computers and banknotes.

“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,” Minister for Mining and Industry Nicole Manison said.

“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 Government is backing in an industry that not only provides a greener future, but employs thousands of Territorians.”

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