Business news from across the Northern Territory: Latest highlights include a $100 million road sealing contract awarded, NT property listings up in January, Aurizon- Linecrest deal boosts NT line freight, plus more. Also, making resource news is iTech buying into the highly-prospective Reynolds Range in the NT.

Construction

$100M road sealing contract awarded

A $100 million tender was awarded to Downer EDI Works, Boral Asphalt NT, F & J Bitumen Services, NT Bitumen and Asphalt, Top Coat Asphalt and Fulton Hogan Industries, lasting five years for bitumen resurfacing works across the NT road networks.

Works will include roads in Central Australia, the Barkly, Big Rivers, Top End regions and Darwin, Palmerston and Litchfield urban roads. The panel contract is divided into a succession of schedules for significant asphalt works, large resealing works, more minor asphalt works such as footpaths and carparks, and smaller resealing works.

“In the Territory, our roads are vital lifelines that connect communities and provide work for Territorians and their families,” Minister for Infrastructure, Planning and Logistics Joel Bowden said.

Real estate

Property listings up in January

A new PropTrack Listings Report has found Darwin listings on realestate.com.au shot up by 125 per cent between December and January, which means that potential house buyers have more choice than they did a year ago.

“New listings on realestate.com.au increased by 24.2 per cent year-on-year in January. While total listings in Darwin increased 2.3 per cent month-on-month and were 8.4 per cent higher than in January 2023,” said Angus Moore, an economist and report author with PropTrack.

The number of homes listed for sale outside of Darwin also went up 22.2 per cent month-on-month, while total listings decreased 2.3 per cent in January. Year-on-year, listings went up 25.2 per cent. “Regional NT saw 25 per cent more new listings in January than a year earlier—largely in line with the increase in Darwin. However, the regional NT market is small and volatile,” Mr Moore said.

Companies

Aurizon- Linecrest deal boosts NT line freight

Darwin railway operator Aurizon has entered a 30-month deal with Linecrest Pty Ltd, the owner of the Frances Creek mine, to transport iron ore from the mine near Pine Creek to Port Darwin. Linecrest will reactivate its Frances Creek mine operations using automated ore sorting equipment.

Aurizon said the contract would aid the company with its aims to expand its freight operations beyond coal. The company said it would spend $250 to $300 million on upgrades and new stock, including locomotives, wagons, and terminal equipment.

The deal formalises Linecrest’s plans to reactivate the mine by beneficiating iron ore stockpiles using automated ore sorting technology. Aurizon has already begun its initial freight run of iron ore from Union Reef siding—250km south of Darwin. Under the duration of the agreement, the railway operator will transport up to one million tonnes of iron ore yearly.

Resources

iTech buys into Reynolds Range in NT

iTech Minerals has acknowledged Prodigy Gold’s tenements in the NT Reynolds Range district, adding exposure to its critical minerals portfolio, including copper, rare earths, lithium, and gold.

iTech’s 375 km Reynolds Range tenure is adjacent to Arafura Rare Earths’ $1.6 billion Nolans REE project, which is pegged to produce 4,440 tpa of high-value magnetic rare earths neodymium and praseodymium over a 38-year mine life.

The company has previous explorations focusing on copper, gold, and silver, but it is now also focusing on the range’s identified REE and lithium mineralisation. Radiometric and uranium channel images provided by the NT geological survey service have shown the project to contain Nolans-style REE mineralisation and lithium mineralisation in rich outcropping pegmatites.

“Our exploration team plans to build on the excellent exploration work already undertaken by Prodigy Gold to quickly generate new critical minerals targets within the Reynolds Range project,” ITM managing director Mike Schwarz said.