The Northern Territory (NT) has been named the world’s premier jurisdiction for mineral potential in the most recent Fraser Institute Annual Survey of Mining Companies (2022).
Furthermore, NT has moved into the top ten in the world in terms of attractiveness for exploration and mining investment.
According to the State Government, the ranking represents a jump of 17 places gained in only four years, with NT now regarded as the world’s sixth most appealing jurisdiction on the Investment Attraction Index.
The Fraser Institute survey is a global assessment of mining and exploration companies that rates the desirability of more than 60 countries throughout the world for investment.
The Investment Attraction Index ranks regions based on their geologic attractiveness and assesses the impact of government policies on attitudes towards exploration investment.
The NT Government reported that it also saw a surge in mineral exploration and production in recent years.
According to figures released at the end of last year, mineral output in the State was the second highest ever recorded.
The overall value of mineral production for the fiscal year 2022 was $4.86 billion, up 14% from $4.28 billion in 2021.
Mineral exploration spending in the Northern Territory has increased by about 30% in the fiscal year 2022.
Mineral exploration spending in 2022 was $198.6 million, up from $153.4 million in 2021.
“This is exciting news and presents huge economic and strategic opportunities for the Northern Territory as a supplier of minerals to support the global transition to a decarbonised economy,” Minister for Mining and Industry Nicole Manison said.
Minister Manison stated that the Government have been promoting the State’s geological potential for critical minerals through the $9.5 million Resourcing the Territory program.
“The Mineral Development Taskforce final report will build on these strong perceptions of the Territory by pursuing reforms to enhance our competitive position in the market for mining investment,” Minister Manison said.
“Our Government wants to boost jobs and make the Northern Territory a globally competitive and world class destination for mining investment. These latest figures show that the world has stood up and is noticing the Territory’s potential – and that can only mean more jobs for Territorians as we head towards a $40 billion economy by 2030,” Minister Manison added.
