Streamline Approvals to Boost Exploration Efforts
Renewed support for mining will drive benefits for all the community from the Northern Territory’s significant store of the minerals and metals that the world needs.
The December 2024 quarterly statistics on mineral exploration expenditure in the Northern Territory released by the Australian Bureau of Statistics today shows that mineral exploration expenditure in the Territory has fallen by 27 per cent over the last quarter, a decline of 45 per cent from the same time last year.
Exploration is the pipeline to the future. Investors need to be reassured that Territorians together can realise this potential.
This is why initiatives such as the Northern Territory Government’s Territory Coordinator are vital to underpinning confidence in the Territory’s resources.
The Territory Coordinator does not change the underlying approvals that are necessary across the board but can exercise functions and powers to fast-track processes and realise the benefits sooner.
In addition, removing the uncertainty that explorers face trying to obtain low risk exploration licences, timely approvals for annual work plans, and the release of mining bonds following rehabilitation all reaffirm investor confidence.
At the NT Parliament’s Legislative Scrutiny Committee inquiry into the Territory Coordinator Bill on Thursday the MCA reaffirmed that the Territory’s economic growth and prosperity relies on a strong minerals industry.
A strong minerals industry not only supplies essential minerals and metals for a clean energy future, it supports a vibrant supply chain of goods and services providers and revenue for key areas like health, education, housing, and policing.
While minerals projects in the Territory offer great potential, they are not a guaranteed pipeline to success. Millions of dollars in potential exploration and mining project investment are lost every year due to rising costs, regulatory burden and declining productivity.
Approvals of exploration licences in the Northern Territory are significantly slower than in WA, where a streamlined online system allows approvals in 15 days. In contrast, NT explorers must complete 200-page applications, with exploration licence approvals on Native Title land averaging 7.7 months. Many explorers have been waiting for over 12 months for their approvals to conduct low risk exploration activities, delaying projects and jeopardising funding.
A Territory Coordinator will help create a streamlined regulatory process by having an independent oversight on regulatory processes and timeframes and have the authority to make meaningful changes if issues arise, increase private investor confidence in the NT, and ultimately benefiting the future economic growth of the Territory.
https://minerals.org.au/resources/opportunity-to-reverse-declining-exploration-by-streamlining-approvals-and-removing-red-tape/