The Northern Territory Government announced that recent data showed that mineral exploration expenditure in the State increased by about 30% in 2022.
According to the State Government, it comes as Northern Territory works to establish itself as a significant player in global supply chains for critical minerals needed for emerging technologies and the energy transition.
“The Territory is underexplored for critical minerals, and the demand for these minerals is expected to soar to support renewable energy, battery storage and high-tech industries,” Minister for Mining and Industry Nicole Manison said.
Minister Manison stated that it opens up enormous economic and strategic prospects for the Northern Territory to establish itself as a leading and dependable supplier of minerals to assist the global energy transition.
“Through the Resourcing the Territory program, the Territory Labor Government is backing in an industry that not only provides a greener future, but employs thousands of Territorians,” Minister Manison added.
Mineral exploration spending in 2022 was $198.6 million, up from $153.4 million in 2021.
At $82.7 million, nearly half of the exploration expenditure was for minerals such as lithium, rare earths, and other critical minerals.
The recent data also demonstrated that the State finished the year off strongly.
Mineral exploration expenditures in the State were $56 million for the December 2022 quarter, up 25% from the same quarter in 2021.
The statistics are released in conjunction with the publication of the Critical Minerals in the Northern Territory guide released in Canada earlier this month.
The report identifies the Territory’s critical minerals, aiding international investors wanting to explore the State.
The guide outlines the Territory’s present critical mineral list and the geological potential for an additional 13 emerging critical minerals.
Critical minerals are utilised to produce advanced technologies such as mobile phones, computers, fibre-optic cables, semi-conductors, banknotes, and military, aerospace, and medical applications.
According to the State Government, critical minerals’ use in low-emissions technologies such as electric vehicles, wind turbines, solar panels, and rechargeable batteries is what’s driving the most rapid increase in demand.
