Funding boost for Territory's resources sector set to increase mining and create jobs
The Territory Government has announced more funding for mineral exploration in a bid to drive mining development and create jobs across the NT.
Annual funding for the ‘Resourcing the Territory’ initiative has been increased from $6.5 million to $9.5 million from July 2022, with the investment to be ongoing.
There are currently 19 mining projects working towards a Final Investment Decision in the Territory, with a combined value of $5.8 billion.
The projects also have the potential to create 5,800 construction jobs and 3,200 ongoing roles.
The investment will help give these projects a green light, with funding also available for extending the life of mines and finding new deposits.
Minister for Mining and Industry Nicole Manison says the sector will play a key role in the Territory’s recovery from the coronavirus pandemic.
“Exploration and mining continues to deliver long term benefits to the Territory economy and continues to drive growth,” Ms Manison says.
“The success of this program is evidenced by the attraction of major resource companies including Rio Tinto, BHP and Newcrest Mining into the Barkly, as well as numerous junior explorers, many of which have invested in the Territory for the first time,” she says.
It’s hoped the investment will provide more confidence and certainty to the mining industry worldwide.
The Resourcing the Territory initiative was launched in 2018 with $26 million to be spent over four years.
Since it began, the private sector has spent more than $350 million in minerals and petroleum exploration expenditure.