Business news from across the Northern Territory: Latest highlights include the NT somehow being named the fourth-best jurisdiction to do business in the country, CommBank opens in Darwin, and Tourism NT teams up with Toyota for an exciting Kakadu adventure itinerary. Also making resource news, the NT Government approved Desoto’s 2025 drilling programs and Prodigy is pursuing gold through an NT mineral lease application.
Economy
NT is fourth best jurisdiction to do business
Business Council Australia’s “Regulation Rumble” report ranks the NT as the fourth most business-friendly jurisdiction, outranking New South Wales, Victoria and Queensland. While the Territory received high marks for reasonable costs and regulations, coming in second overall, it ranked poorly in planning systems. South Australia was the top performer, and Victoria finished last. The NT excelled in payroll tax and retail trading hours, but had the highest workers’ compensation insurance costs. The report also said the NT needed more efficiency, certainty, and transparency in accessing planning data compared to states like New South Wales. Notably, these rankings did not reflect recent changes by the new CLP Government, including an increase in the payroll tax-free threshold.
Business Council Australia chief executive Bran Black said the report aims to guide businesses in exploring opportunities across Australia and to aid states and territories in enhancing their competitiveness for attracting investment.
CommBank opens in Darwin
The Commonwealth Bank of Australia has inaugurated a new branch in Darwin’s central business district at 69 Smith Street, in the former ANZ Bank building. This state-of-the-art facility, developed with an investment exceeding $5 million, spans 825 square meters and is designed to bolster the NT’s agribusiness and commercial sectors, including retail banking services. Unlike other banks, CommBank has traditional teller counters.
CommBank has committed to keeping all its current branches open until 2026. This includes its branches in Darwin, Palmerston, Katherine, and Alice Springs.
Tourism
Tourism NT teams up with Toyota for an exciting Kakadu adventure itinerary
Tourism NT has partnered with Toyota Australia to launch the new Toyota Land Cruiser Prado, featuring an adventure itinerary in Kakadu as part of its Drive Campaign to encourage road trips to the Territory. Influencers experienced the journey with local expert James Morgan, creating social media content. A bookable version of the itinerary will be available soon, and a competition for Land Cruiser Prado fans to win a Northern Territory trip will start in January 2025, the government said.
“In the Territory, you can venture off the beaten path even when you’re on the bitumen and witness the landscape change dramatically as you drive. There are countless incredible experiences, from driving right up to Uluru and watching the light transform the iconic rock face to taking a dip in our stunning waterfalls or enjoying an exhilarating outback 4×4 adventure,” Tourism NT CEO Suzana Bishop said.
Resources
NT Government okays Desoto’s 2025 drilling programs
Desoto Resources Ltd has received the green light for environmental clearance to begin drilling at its Spectrum REE-Au-Cu Project. A 20-hole drilling program will kick off in the first half of 2025. The company has pinpointed high-priority targets, namely Vesper and Quantum, and has obtained $68,000 in co-funding from the Northern Territory Government to aid exploration efforts.
The company said this marks an encouraging advancement in exploring the relatively uncharted Fenton Shear Zone, with the potential to uncover significant mineral deposits.
Prodigy pursues gold through NT mineral lease application
Prodigy Gold has applied for a mineral lease for the Hyperion gold deposit in the Tanami region, estimated to contain 407,000 ounces. The lease spans about 19.8 square kilometres, providing necessary infrastructure like waste dumps and haul roads. While the mine plan is still preliminary, it suggests plans for open-pit mining and offsite ore processing. Further resource drilling and environmental assessments are needed to finalize the development plans.
Hyperion has an indicated and inferred resource of 8.6 million tonnes at a grade of 1.5 grams per ton, totalling 407,000 ounces of gold, based on open pit mining. The mineralization is located in the Hyperion, Tethys, and Hyperion South lodes along a structural break influenced by thrust faults. It occurs within a shear zone in differentiated dolerite, often encroached by granitic dykes.
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