Business bulletin: 20 October 2022

Core Lithium has achieved a key milestone with the opening of the Finniss Lithium mine, right here in the Northern Territory.

The $89 million open cut lithium mine is the first new mine to commence operations in the Northern Territory in more than a decade and is stimulating interest, investment and growth in our rapidly expanding critical minerals sector.

First exports from Core Lithium’s Finniss Lithium Project are on track to be shipped by the end of this year, an extraordinary feat given construction only began in October 2021.

Mining on the project has commenced, while construction and commissioning of the concentrator is on track to produce the first concentrate in the first half of 2023.

Core has binding offtake agreements with Ganfeng Lithium and Sichuan Yahua to supply 75,000 tonnes per annum of lithium concentrate to each company over four years, as well as a binding Term Sheet with Tesla for four years.

It’s estimated the Finniss Lithium Project will mine 16 million tonnes of lithium-bearing ore over the life of mine, which is predicted to be at least 12 years.

Construction on the site, which is located along Cox Peninsula Road will be completed by the end of the year and Core expects to employ about 300 people, including contractors, over the life of the Finniss operations.

Core Lithium has also engaged the Kenbi Rangers, based at Wagait Beach, to deliver a range of services on site, including tree relocation, weed management, cultural heritage monitoring, water controls and silt fencing.

The Finniss Lithium Project is the Northern Territory’s first lithium mine, and it will provide the globe with high-quality lithium suitable for batteries used to power electric vehicles and renewable energy storage.

The Offshore General Skilled Migration (GSM) program has been revised to help attract more skilled overseas workers looking to live and work in the Territory.

Under the program, overseas skilled workers who meet a range of criteria can qualify for a 5-year provisional visa, with a pathway to permanent residency drawing workers from a number of crucial industries including health, science, finance, agriculture, construction, telecommunications, IT and hospitality.

The offshore GSM program has had new nomination criteria added to target overseas skilled workers who have expertise and experience in high priority occupations, have established family connections and support in the NT or, have verifiable job offers from NT employers.

The Business Innovation and Investment Program (BIIP) has also opened, providing five-year provisional visas with a pathway to permanent residence for overseas investors and entrepreneurs who seek to reside and invest, conduct business or pursue entrepreneurial activities in the NT.

MigrationNT’s refreshed nomination criteria for BIIP provides increased flexibility and is expected to increase the pool of eligible applicants under the program.

To learn more about the Offshore General Skilled Migration Program visit https://theterritory.com.au/migrate/migrate-to-work.

To learn more about the Business Innovation and Investment Program visit https://theterritory.com.au/migrate/migrate-for-business.

October Business Month is in full swing and there are plenty of events still on offer.  View the full OBM calendar to see more of what’s on in your region and book now to avoid disappointment.

Alice Springs has more than 10 events yet to come, on topics such as digital marketing, human resources, change management and maximising business potential.

Tennant Creek is holding a presentation on workforce development, looking at partnerships that work to support an Aboriginal and Torres Strait Islander workforce.

The Katherine events continue with the Big Rivers Brand community launch and a workshop on maximising business potential.

And Darwin has another 20 plus events yet to come; covering topics such as networking tips, working with international students, crisis communication, family business governance structures and doing business with Indonesia.

Then, on Wednesday 26 October, we will find out who is brave enough to pitch with a croc!  Do you have an innovation that will make a difference to Australia’s Northern Territory? Join a stellar list of businesses who have won big, with up to $1 million in Venture Capital up for grabs! Croc Pitch has a virtual presence, so you can pitch from anywhere in the world.

To pitch your innovation, register on the Darwin Innovation Hub website.

This will be an exciting event to watch, to be part of the audience on the day,  register online.

Plus don’t forget to complete your evaluation survey emailed after each event, your feedback is vital and helps make future OBM’s even better.

If you are currently a director, or plan to become one in the next 12 months, you’ll need a director ID.

All directors must apply for a director identification number (director ID) by 30 November 2022. This is a unique 15-digit identifier that’s free and kept forever. It will assist in identifying and eliminating director involvement in unlawful activity and creating a fairer business environment.

You must apply for your own director ID so the Australian Business Registry Service (ABRS) can verify your identity. Your authorised tax, BAS or ASIC agent can’t apply on your behalf.

Once you have logged into Australian Business Registry Service (ABRS) online using myGovID with at least a standard identity strength, you'll be asked to provide additional information to verify your identity against your ATO records. Most applicants use:

• bank account details (where your tax refunds or payments are made and received)
• an ATO notice of assessment.

If you use an agent, they may be able to provide this information to help you complete your application.

The director ID demonstration video will show you step by step how to apply for your director ID online.

For more information about director ID, visit abrs.gov.au/directorID.

Your local small business champion can also provide support. Get in touch with them today to discuss your business needs.

More than $4.6 million will be injected into the Territory economy with the latest round of Roadhouse to Recovery grants.

Seventeen regional and remote caravan parks, wayside inns and roadhouse operators have been announced as the recipients of $2 million in grants from the third round of the program.

Many businesses are undertaking major upgrades to their facilities, with operator contributions of more than $2.6 million, all utilising local NT suppliers.

Read more on the Tourism NT website.