Territory and Japan strengthen strategic trade ties with MoUs
Australia’s Northern Territory is driving economic development through its thriving critical minerals industry and energy sectors.
The Northern Territory Government has signed two Memorandum of Understanding’s (MoU) with Japanese energy giant, Japan Organisation for Metals and Energy Security (JOGMEC).
The MoUs strengthen economic and strategic trade ties between the Territory and Japan, ties which underscored $7.7 billion worth of goods exported from the NT to Japan in 2022/23.
The first MoU, signed by the Chief Minister Eva Lawler and Mr Hiroyuki MORI, Executive Vice President of Energy Business Unit (JOGMEC), establishes a framework for cooperation in various energy sectors including natural gas, carbon capture and storage and hydrogen production.
The second MoU signed by Minister for Mining Mark Monaghan and Mr Hiroshi KUBOTA, Executive Vice President of Metals Unit (JOGMEC), focuses on greater collaboration with critical mineral supply chains.
This collaboration will be facilitated through the exploration, extraction, processing and supply of critical minerals such as nickel, cobalt, lithium, graphite and rare earth elements.
Both the MoUs highlight the strategic importance the Northern Territory will play in the transition to renewables and critical minerals supply chains both domestically and internationally, with this sector currently worth $4.38 billion and employing over 5,300 Territorians.
Picture Caption: JOGMEC (left to right) Mr Hiroshi KUBOTA, Executive Vice President of Metals Unit, Mr Michio DAITO, President, and Mr Hiroyuki MORI, Executive Vice President of Energy Business Unit.