A new report from Deloitte found that the Northern Territory’s $26 million Resourcing the Territory initiative that took place from 2018 to 2022 “led to substantial investments in the NT”.
According to the Northern Territory Government, the Resourcing the Territory’s exploration grants program supported 38 projects by 30 companies in the 2023–24 financial year.
“The commencement of the initiative in 2018 correlated with a rise in exploration expenditure in the NT,” Deloitte’s outcome evaluation report said.
“Since 2018, there has been a noticeable increase in exploration expenditure, with a 38 per cent overall increase between 2018 and 2022. The mineral exploration activity in the NT reached its highest levels in over a decade in 2021–2022.”
To support the findings, the report included multiple case studies that demonstrated how pre-competitive geoscience, legacy data capture and exploration grants led to further growth in the NT such as major mining companies making investments through joint ventures and partnerships.
In response to the Resourcing the Territory initiative’s success, the NT Government will invest $9.5 million per annum in the Resourcing the Territory program, the follow-up to the initiative that aims to further support mineral and resources exploration.
The program is being undertaken by the NT Geological Survey and will provide pre-competitive geoscience, investment attraction and exploration stimulus programs designed to increase exploration activity, drive success rates, and open new areas of the NT for exploration.
“Through initiatives such as our $9.5 million per year resourcing the Territory program, we have been promoting the Northern Territory’s geological potential for critical minerals, and industry is actively recognising the Territory’s potential,” NT Mining Minister Mark Monaghan said.
“We know the value of this program – this is why we brought it in six years ago. And now an independent evaluation is telling us just how crucial it is to attract further investment and helping companies do their job.”
The Northern Territory was also recognised as a premier mining spot by the Fraser Institute’s 2023 Survey of Mining Companies report, where the Territory ranked eighth globally for investment.
It was also ranked second in the world for the number of respondents who said the NT geological database encouraged investment and third for mineral potential behind Western Australia and Nevada, US.
“We’re backing the industries that get the Territory working and that means investing in growing the mining and resources industry,” NT chief minister Eva Lawler said.
“The Territory has a huge opportunity to power the world for decades to come through natural gas and critical mineral exports – both critical to supplying future global power demands.
“Backing the mining and resources industry means thousands more work opportunities for Territorians.”
Mineral production in the NT totalled $4.38 billion in 2023, with $228.1 million spent on mineral exploration.
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