The Northern Territory (NT) Government in Australia has announced an increase in its mineral exploration expenditure in 2023. The region’s mineral exploration spending rose by 14% to A$228.1m ($149.5m) last year, versus 2022’s figure of A$199.9m. The NT Government noted that last year’s investment was the highest figure recorded in more than a decade, surpassing the national average increase of 5%. The surge in exploration investment is largely driven by rising global demand for critical minerals, particularly lithium and rare earth elements. In a significant move, the Federal Labor Government has pledged A$840m to establish Australia’s first integrated rare earths mine and refinery in the NT. Additionally, the December 2023 quarter alone saw a 10% increase in exploration expenditure compared with the same period in the previous year, reaching A$63.1m. NT Minister for Mining Mark Monaghan highlighted the Territory’s potential as a leading supplier of critical minerals fundamental to the renewable energy transition, ultimately benefiting Territorians. The mining industry’s substantial contributions, totaling $4.86bn in the NT economy for the fiscal year 2022-23, solidify its pivotal role in the region’s financial landscape.
NT Government Boosts Mineral Exploration Spending Amid Global Demand Surge, Australia
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