The Northern Territory (NT) Government has released the Mineral Development Taskforce Report, tackling ways to accelerate mining development in the State and become a $40 billion economy by 2030.
The report outlines a series of recommendations and actions designed to drive and increase private investments in mining and downstream value-added projects.
Recommendations include introducing targeted initiatives to encourage increased exploration and mining activity and the introduction of regulations focussed on outcomes designed to deliver improved project economics.
The report also calls for transparent and efficient land access processes that respect landowners and recognise co-existing owners.
Additionally, it calls for updates on NT’s royalties regime to make it more competitive and not as a deterrent to potential investments.
The State Government accepted the recommendations in principle and that it will now work with key stakeholders and industry partners on the opportunities that have been identified to increase and enhance the competitiveness of the Territory as an investment destination.
The Mineral Development Taskforce, established in November 2021, primarily aims to investigate and identify strategies to activate and secure investments from the private sector.
According to Minister for Mining and Industry Nicole Manison, growing the region’s mining capabilities will lead to more well-paying jobs and royalties that will benefit Territorians through better services and infrastructure.
She noted that the NT Government is sending a loud and clear message to investors that it is a world-class mining destination and has the resources needed for low-emission technologies.
“This is why we established the Mineral Development Taskforce, which has identified opportunities to harness sustainable downstream manufacturing, and different royalty models that could make the Territory more competitive on a global scale,” Minister Manison added.
