Business news from across the Northern Territory: Latest highlights include the NT’s first magnetite shipment leaving for Asia, the Federal Government committing an additional $200 million to boost the NT’s rare earths mine, and MetalsGrove announcing encouraging exploration findings. Also making resource news is energy company Echelon making further acquisitions in the Territory.

Local economy

NT’s first magnetite shipment leaves for Asia

The NT Government recently announced the successful launch of the inaugural shipment of magnetite from the Warrego Rehabilitation Project, targeting Asian markets. This initiative, managed by Northern Iron Pty Ltd, focuses on reprocessing tailings from the historic Warrego mine near Tennant Creek. With an anticipated lifespan of three years, the project aims to produce as much as 1.2 million wet tonnes of magnetite concentrate each year and currently employs approximately 35 people. This endeavour underscores the potential of former mining sites to deliver both environmental and economic advantages, particularly in regional areas, the government said.

Federal Government commits an additional $200m to boost NT’s rare earths mine

Arafura Rare Earths is seeking further private investment after the Australian government announced an additional $200 million for its Nolans Project, increasing total public funding to over $1 billion. The investment, primarily from the National Reconstruction Fund Corporation (NRFC), will enhance rare earths production, particularly neodymium and praseodymium, essential for electric vehicles and renewable energy. NRFC chair Martijn Wilder said the funding represents a commitment to taxpayers who can expect a return on their investment, allowing Australians to have a stake in the project. Mr Wilder said the funding will assist Arafura in improving its rare earths refining capabilities and infrastructure. Arafura has contracts with Hyundai and Kia and expects to meet about 4 per cent of the global demand for these minerals.

Companies

MetalsGrove announces encouraging exploration findings

MetalsGrove Mining Limited has reported positive exploration results from the Bruce Gold-Copper Project and the Edwards Creek Copper-Zinc Prospect in the Northern Territory. At the Bruce Project, four new high-grade gold-copper sites were identified. Drilling at Edwards Creek showed VMS-type zinc-copper-lead mineralization in all four drill holes. These findings enhance the projects’ potential and set the stage for further exploration in 2025. The company focuses on multi-metal resource exploration, particularly in gold, copper, zinc, and lead.

Resources

Echelon furthers acquisitions in NT

Echelon Resources Limited has finalised a binding agreement to acquire a 100 per cent stake in the EP145 exploration permit located in the Amadeus Basin from Mosman Oil & Gas for AUD$400,000 and a 5 per cent royalty on helium and hydrogen production. This acquisition aligns with Echelon’s strategy to utilise its current infrastructure in the Northern Territory to integrate discovered gas resources into the local market quickly. With established infrastructure and access to advanced exploration technology, Echelon expects substantial growth and expansion opportunities in the NT’s gas market.