The Northern Territory Government is looking to capitalise on the record mineral expenditure the territory experienced in the 2023–24 financial year (FY24).
Mineral exploration spending hit a record of $227.4 million in FY24, an increase on the $200.1 million spent in FY23.
NT Chief Minister Lia Finocchiaro said the rise was almost nine times higher than the Australia-wide increase of 1.6 per cent.
Speaking at NT Resources Week in Darwin yesterday, Federal Minister for Resources Madeleine King said she is looking forward to working with Finocchiaro to develop a better future for Territorians.
“I believe the Northern Territory is on the cusp of something truly transformational,” King said.
“The world needs our minerals – particularly our critical minerals and rare earth elements – to make all of the renewable energy technologies the planet requires to reduce carbon emissions.
“And the minerals that the world will need – including a wealth of those critical minerals and rare earths – are found right here in the Territory.”
Finocchiaro also took to the NT Resources Week stage, speaking about the development of new mines in the region.
“The mining and resource sector will continue to play a vital role keeping Territorians employed, and hundreds of businesses across our regions engaged,” Finocchiaro said.
“We have recently established the Department of Mining and Energy to support our key resources industry. We have also established the Department of Lands, Planning and Environment to ensure timely environmental approvals are achieved and create a better system for economic development.”
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