Minerals set records as Resources Week kicks off
Northern Australia’s biggest resource industry conference is in Darwin, putting the Northern Territory on the world stage and bringing together major players in the sector.
Now in its 15th year, NT Resources Week brings together The Southeast Asia Australia Offshore and Onshore Conference (SEAAOC), Mining the Territory conference and the Environmental Management and Decarbonisation Forum.
It’s an opportunity to send a loud and clear message to investors the Territory is a world class destination for mining, with the resources needed for low emission technologies.
The Territory’s resource industry is worth around $6.2 billion and is one of the largest job creators with around 5,300 people directly employed by the sector.
It supports hundreds of small businesses across all regions and delivers millions of resource royalty dollars every year into schools and hospitals.
Mineral exploration expenditure in the Northern Territory in the 2022/23 financial year shot up to $200.1 million – up 17% from the previous year and the highest recorded since 2011/12.
The 17% rise in expenditure in the Northern Territory in 2022/23 was higher than the Australia-wide increase of 7%.
The Australian Bureau of Statistics figures show that critical minerals expenditure is leading the way – increasing 33% in 2022/23 to $88.6 million - comprising 44% of all mineral exploration in the Territory.
Exploration also increased for other minerals that are critical for the energy transition, such as copper and uranium.
The Northern Territory has 15 internationally recognised critical minerals and has geological potential for a further 13 emerging critical minerals.