$4M Boost for Resource Exploration by CLP Government
The Finocchiaro CLP Government is injecting $3.9 million into NT resource exploration, awarding 38 grants to 30 companies through the latest Geophysics and Drilling Collaborations (GDC) program.
Round 18 of the program is supporting 38 projects through the $9.5 million Resourcing the Territory initiative, which accelerates exploration, discovery and local jobs.
Minister for Mining and Energy Gerard Maley said the grants demonstrate the Territory Government’s strong commitment to rebuilding the economy through responsible resource development.
The Territory’s value of mineral production in 2023/24 was $4.32 billion.
The mining sector forms the greatest contributor to the Territory’s own-sourced revenue from eight operating mines, and millions of dollars spent annually on mineral exploration.
“This flagship program gives companies a clear incentive to invest in exploration here in the Territory, rather than interstate,” said Mr Maley.
“It also rewards those willing to innovate and test new techniques to unlock the Territory’s vast mineral potential and bring forward the next wave of discoveries.”
The successful applicants include 14 greenfields drilling programs, 6 brownfields diamond drilling programs, 10 regional geophysical surveys, 7 innovative targeting projects, and one project under the advancing critical minerals category.
Eleven of the successful companies have never received co-funding before.
More than half of the co-funded projects are targeting critical minerals, including copper, rare earth elements, lithium, and fluorite, which places the Territory in a strong position to support the global transition to low-emissions economy through green technology.
“It’s encouraging to see the majority of these co-funded programs focusing on the critical minerals that are essential to the global energy transition,” said Mr Maley.
“These projects will help build the Territory’s critical minerals pipeline, support local jobs, and drive long-term economic growth.”
Nine of the co-funded projects will provide work for locally based contractors providing services such as earthworks, drilling, and laboratory analysis, with approximately $88,900 awarded for the Territory Supplier Incentive (TSI) funding.
The Territory Suppler Incentive provides up to $10,000 per project in additional funding to support service and supply by Territory-based companies.
Copper was the most commonly targeted commodity, featuring in nearly one-third of successful applications.
Other projects are targeting gold, uranium, diamonds and hydrocarbons, highlighting the diverse resource potential of the Territory.
The Fraser Institute’s Annual Survey of Mining Companies consistently ranks the Northern Territory among the world’s top jurisdictions for mineral potential, something the Finocchiaro CLP Government is actively working to leverage for the benefit of all Territorians.
“We are committed to making the Northern Territory the best place in Australia for exploration, private investment, and job creation,” said Mr Maley.
https://nt.gov.au/