Business news from across the Northern Territory: Latest highlights include Tamboran’s drilling at Shenandoah South being billed as crucial to future investments at the Beetaloo sub-basin; People First Bank permanently shuts down its NT office; and Territory Wildlife Park gets new electric trains. Also making resource news is New Frontier Minerals prioritising drilling at Harts Range.

Local economy

Tamboran drilling a crucial moment for Beetaloo sub-basin investment: Minister Maley

Mines and Energy Minister Gerard Maley said Tamboran’s recent drilling initiative in the Beetaloo sub-basin is a significant step in investment and progress. The Shenandoah South Pilot Project aims to produce 40 million cubic feet of natural gas daily by mid-2026. “Gas produced from the Shenandoah South Project is set to flow into the Territory gas market next year, fuelling our economic growth,” Mr Maley said.

Tamboran also plans to start an additional four-well campaign in 2025. Minister for Essential Services Steve Edgington expressed support for Tamboran’s efforts to meet the energy needs of Territorians. “A thriving energy sector is critical to rebuilding the economy and delivering the prosperous future that Territorians deserve, one in which the NT is the best place to live, work, and do business,” Mr Edgington said.

Banking

People First Bank permanently shuts down its NT office

People First Bank will permanently close its Darwin office as part of a nationwide downsizing initiative, which includes closing 20 per cent of its branches and cutting nearly 100 jobs starting April 4. The decision is driven by a shift towards online banking, with fewer than 0.7 per cent of customers visiting the branches marked for closure, the bank said. While the bank will maintain two branches in Darwin, unions have expressed concern over the impact on employees and local communities reliant on in-person services. Chief customer officer Maria-Ann Camilleri emphasised the need to focus on customer service and digital banking. Following a merger in March 2023, People First operates 88 branches across Australia.

Tourism

Territory Wildlife Park gets new electric trains

The Territory Wildlife Park has introduced two electric trains costing $350,000 to replace its old diesel trains and enhance environmental sustainability. These new 74-seater trains, powered by rechargeable lithium batteries, focus on accessibility and security, featuring low boarding heights, safety locks, CCTV, and rain curtains. Suzana Bishop, chief executive of Tourism and Hospitality, highlighted that this move supports the park’s sustainability goals. The park is open daily from 9am to 3pm during the wet season and 9am to 4pm in the dry season, attracting 48,000 visitors last year. “Altogether, they cost over $700,000, but we’ve got to remember the cycle of these trains is around 15 to 20 years,” Ms Bishop said.

Resources

New Frontier prioritising drilling at Harts Range

New Frontier Minerals is focusing on high-priority drilling sites at the Harts Range Uranium-Niobium and Heavy Rare Earth Project in the NT. New Frontier plans to analyse geophysical and historical data after completing a helicopter-borne radiometric and magnetic survey, with preliminary results expected soon, the company said.

With a market capitalisation of $29 million, the company aims to identify extensions of known mineralisation to prioritise drilling targets. Previous explorations have found occurrences of uranium-niobium and heavy rare earth minerals associated with radioactive pegmatites. The Harts Range Project spans 135 km² and is located 140 km northeast of Alice Springs.