The recently released Fraser Institute Survey of Mining Companies has ranked in the Northern Territory the top 10 regions globally for investment attractiveness.
The survey assesses the impact of minerals endowment and policy factors on attitudes toward exploration investment.
To that end, the NT has 17 of the world’s most in demand critical minerals, including rare earths, lithium, graphite, and copper, making it one of the most prospective regions in the world.
The Fraser Institute survey also ranks the Northern Territory third globally for mineral potential behind Western Australia and Nevada in the US.
The further ranks the NT in second place globally for the number of respondents stating that its geological database encouraged investment.
Chief Minister Eva Lawler says: “The Territory has a huge opportunity to power the world for decades to come through natural gas and critical mineral exports — both critical to supplying future global power demands.”
The NT government is investing $9.5 million per year through the Resourcing the Territory program, focused on growing mineral exploration and production.
Minister Mark Monaghan says he recognises the value in the program, which is why it was initiated six years ago.
“We have been promoting the Northern Territory’s geological potential for critical minerals, and industry is actively recognising the Territory’s potential,” he says.
During 2023-24, the program supported 38 projects by 30 companies, including Encounter Resources’ (ASX:ENR) exploring for copper within its Sandover Project in Central Australia.
This week, Arafura Resources (ASX:ARU) received US$300 million ($452.67 million) worth of funding to progress its Nolans Project.
In 2023, the total value of mineral production in the Northern Territory was $4.38 billion. On the other hand, mineral exploration expenditure hit $228.1 million in 2023, representing a 14% increase from 2022.
The NT government says it will continue to invest in critical minerals and natural gas, and recently announced a change to the way mineral royalties are calculated, as Mining.com.au previously reported.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
