PERTH (miningweekly.com) – The Northern Territory government has opened its Geophysics and Drilling Collaboration programme for 2023/24, with up to A$3-million in funding available to encourage exploration activity in the region.
Part of the A$9.5-million Resourcing the Territory program, these grants aim to address geoscientific knowledge gaps, advance exploration activity and support the discovery and development of resources in the Territory.
“We know that resources is the biggest contributor to the Territory economy, creating thousands of local jobs directly and indirectly,” said Mining and Industry Minister Nicole Manison.
“Our A$9.5-million Resourcing the Territory program is the biggest investment by any Territory government into programs to attract and support resources exploration in the Territory.
“The program is designed to accelerate mineral exploration and discovery that will drive mining development and create even more jobs right across the Territory.”
The scope of exploration activities that are eligible for co-funding has been broadened in this round to support a wider range of exploration activities, and grants will be awarded to companies that are exploring in new areas or using innovative techniques.
Information gained from collaborative projects is released to the public six months after the completion of fieldwork, to enhance publicly available knowledge on the Territory’s geology and resources, and encourage further exploration.
Manison said on Monday that as a huge driver of the economy, the total value of mineral production in the Northern Territory was A$4.86-billion last year, with 4 400 people employed within the industry.
The Territory has 15 of the world’s critical minerals, with high geological potential for a further 13. This presented a significant economic and strategic opportunity for the Northern Territory, and one that was a key part of the Territory Government’s plan to build a $40-billion economy by 2030, the Minister said.