NT mineral exploration expenditure in 2023/24 hits record $227.4 million
Mineral exploration expenditure in the NT in 2023/24 shot up to $227.4 million - the highest financial year figure on record.
This represents a 14% increase on the last financial year’s figure - which was $200.1 million.
The 14% rise in expenditure was higher than the Australia-wide increase of 1.6%.
The demand for the Territory’s critical minerals continues to drive this growth in exploration, including demand for minerals such as lithium and rare earth elements.
In addition, the NT’s proportion of mineral exploration for new deposits (greenfields) increased to 47% in 2023-24.
The Northern Territory has 17 of the world’s most in demand critical minerals, which presents huge economic opportunities.
A huge driver of the economy, the total value of mineral production in the Northern Territory was $4.32 billion in 2023-24, with 4,100 people employed within the industry.
Demand for these critical minerals is projected to rapidly grow with the increasing transition to renewable energy and battery storage, along with the crucial role of these minerals in areas such as medicine and defence.
In addition, expenditure on gold exploration increased by 20% from $57.7 million in 2022-23 to $69.3 million in 2023-24.
Senior Executive Director Geological Survey Ian Scrimgour said: 'The Northern Territory is increasingly being recognised as one of the world’s most prospective destinations for critical minerals exploration and mining.
'Recent months have seen an uptick in investment and project activity in the Northern Territory, helping the Territory establish a place for itself in Australia’s resources landscape.'
