Investing in the Territory’s resource sector
The Territory’s resources sector has received a major boost with the Territory Government announcing record funding to drive more mining development and to create more local jobs.
The government will increase its annual funding to Resourcing the Territory from $6.5 million to $9.5 million from 1 July 2022 - with the funding to be ongoing.
There are currently 19 mining projects working towards a final investment decision (FID) in the Territory with a combined value of $5.8 billion and potential to create 5,800 construction jobs and 3,200 ongoing jobs.
This record investment increases total funding available for further exploration work to green-light these projects. Funding will also be made available for operational projects to conduct required exploration to extend mine life, and for exploration to identify new deposits.
The mining sector is worth $4.4 billion annually to the Territory and it is our biggest employer. The Territory is the world’s largest manganese producer and has some of Australia’s largest zinc, gold, bauxite, and rare earths deposits.
It is increasingly being recognised for its massive resources potential.
The government is committed to sustainable development of the sector, providing geoscience data to industry, and proactively promoting the Territory’s resource potential and investment opportunities to increase the Territory’s competitiveness as a destination to invest.
The Resourcing the Territory initiative was first launched in 2018, and delivered by the Northern Territory Geological Survey through a $26 million package over four years, which will be completed in June 2022.
The private sector has invested more than $350 million in minerals and petroleum exploration expenditure in the Territory since the start of the Resourcing the Territory initiative. The initiative has also helped generate more than $36 million in co-investment from the Australian Government.
All products and data generated through Resourcing the Territory are publicly available and can be on the Resourcing the Territory website.