Photo by: Bloomberg
PERTH (miningweekly.com) - Mineral exploration expenditure in the Northern Territory in the 2022/23 financial year shot up to A$200.1-million, or a 17% increase from the previous year and the highest recorded since 2011/12, the Territory government revealed this week.
The 17% rise in expenditure in the Northern Territory in 2022/23 was higher than the Australia-wide increase of 7%.
“The Northern Territory is bucking the national trend in mineral exploration expenditure and setting records, driven by demand for our critical minerals,” Mining and Industry Minister Nicole Manison said ahead of the opening of the NT Resources Week.
“As the world transitions to renewable energy the demand for the Northern Territory’s resources will grow - we will be global leaders in the critical minerals supply chain, boosting our economy and creating thousands of jobs.”
The Australian Bureau of Statistics figures show that critical minerals expenditure is leading the way, increasing 33% in 2022/23 to A$88.6-million, comprising 44% of all mineral exploration in the Territory.
Exploration also increased for other minerals that are critical for the energy transition, such as copper and uranium.
The Northern Territory has 15 internationally recognised critical minerals and has geological potential for a further 13 emerging critical minerals.
“The mining and resources industry plays a vital role in the Northern Territory, and it will continue to play one as we head towards a renewable energy and net-zero-emission future,” Manison said.