Northern Territory minerals exploration expenditure has continued to drive towards record highs based on the latest ABS quarterly statistics.
In the June 2021 quarter, $40.4 million was spent on minerals exploration in the Northern Territory, an increase of total minerals exploration expenditure in 2020-21 of nearly 5 per cent to $128.3 million - despite operating in a COVID-constrained operational environment.
This is amongst the highest annual expenditures on record since the ABS commenced exploration data collection in 1988, and the highest quarterly expenditure in nine years.
Territory exploration spending is critical to delivering new mining projects in the future to employ regional Territorians, increase knowledge of the Territory's geology and make the Territory a bigger contributor to the national minerals sector.
There are currently a number of tier one operations now actively exploring in the Territory, with nearly 350 exploration licences granted currently. These operations are the next generation of jobs, community engagement and growth, and will support regional economic development, potentially for generations.
Exploration is the foundation of mining activity. It is essential for keeping existing mines operating as well as identifying the mineral deposits that will drive new mining investment, create jobs and support new local businesses around Australia.
Since the start of the COVID-19 pandemic the minerals industry has been the backbone of the Australian economic recovery. While helping to keep workers, families and local communities safe, it has been supporting national recovery through new jobs, record exports and the modern exploration boom.
Mines and explorers across the Territory also support local business and local jobs, with that contribution set to grow as minerals exploration companies invest in geoscience across the state in gold, base metals and future enabling commodities
The Territory has an opportunity to diversify regional economies and drive this modern mining expansion to even greater heights to create regional jobs, reduce social disadvantage, connect young people to jobs in the regions, and improve community infrastructure.
Mining can continue to light the path to economic recovery and put the Northern Territory firmly on the map for its mineral diversity and investment opportunities.
