The Northern Territory Government is continuing to drive economic development through the latest round of Geophysics and Drilling Collaborations grants.
The program is part of the Northern Territory Government’s four year, $26 million Resourcing the Territory initiative, which was announced in the 2018 Budget, and included geoscience and industry stimulus programs to maximise resources exploration in the Territory. The Resourcing the Territory initiative is the biggest investment by any Territory Government into programs to attract and support resources exploration in the Territory.
The program provides co-funding for drilling and geophysical programs in areas of the NT where there is a lack of geological information. These projects are targeting a wide range of commodities including gold, copper, uranium, lithium, zinc and nickel.
The Geophysics and Drilling Collaborations program was enhanced and expanded in 2018 with the inclusion of a Territory supplier incentive, providing up to $10,000 per project in additional funding to support service and supply by Territory-based companies.
The successful applicants of the latest round of grants are:
- Inca Minerals Ltd,
- Icopper Pty Ltd,
- Ismins Pty Ltd,
- Strategic Energy Resources Ltd,
- IGO Ltd,
- Gempart (NT) Pty Ltd,
- Core Lithium Ltd,
- Prodigy Gold NL,
- King River Resources Ltd
- Viva Resources Pty Ltd.
The minerals industry is the Territory’s largest, contributing over 18% of Gross State Product and directly employing over 4400 people. The Territory set a new record for the value of mineral production in in the last financial year with a total of $4.92 billion.
As noted by Minister for Primary Industry and Resources, Paul Kirby:
“The mining sector is a pillar of the Territory economy, providing the most own-source revenue to the Territory’s budget, and directly employing over 4000 people.
“These drilling programs are critical to developing greater understanding of the Territory’s geology, and ultimately developing information that facilitates new mining projects into the future.
“The Geophysics and Drilling Collaboration Grants are a component of The Northern Territory Government’s four-year, $26 million Resourcing the Territory initiative. This flagship investment program is designed to ensure that the Territory realises the significant potential of the resources sector through strategic investment in programs that maximise investment in mineral exploration across the Territory, creating jobs and local investment.
“The success of the program is clear, with the previous financial year realising a total of $131.9 million in exploration expenditure – the highest since the end of the last mining boom in 2012.”