Business news from across the Northern Territory: Latest highlights include the government aiming to get more local businesses benefiting from increased military presence in the NT, and Santos projecting increased production amid its NT expansion plans; meanwhile making resource news is SQM investing in a new NT lithium project, New Frontier starting a geophysical survey at Harts Range, and Merlin Project revealing promising base metal targets.

Local economy

Businesses to benefit from increased military presence in the NT

Chief Minister Lia Finocchiaro said the arrival of foreign troops in the Territory was a significant opportunity for local businesses, while announcing the first NT Defence Week, scheduled from April 28 to May 2. With approximately $2.9 billion in investments from the Australian and US federal governments aimed at various defence projects, the local economy could benefit greatly, the Chief Minister said. Defence spending accounts for nearly 10 per cent of the Territory’s gross state product. With a projected increase in military presence, including hundreds of Japanese troops rotating through Darwin, the new event seeks to empower locals to seize upcoming opportunities.

Ms Finocchiaro also intends to lock up further defence money coming from Canberra. “We’re hoping to secure a large portion of the Federal Government’s funding – in the last few years, while there have been billions on the table, the Territory hasn’t had a really clear picture of what’s in store to spend here in the Territory.”

Companies

Gas giant Santos eyes enlarged production amid its NT expansion plans

Santos expects a nearly eight per cent increase in oil and gas production in 2025, driven by its $5.4 billion Barossa development, which is 90 per cent complete and set to produce its first gas in the third quarter of this year. Santos also plans to develop its Alaskan Pikka project, which is currently 75 per cent complete. Santos aims to return at least 60 per cent of free cash flow to shareholders starting in 2026, up from 40 per cent. Additionally, Santos is exploring growth in carbon capture and storage, with the Moomba project successfully storing CO₂. The company has also entered a non-binding agreement with Tamboran Resources to study a potential expansion of the Darwin LNG facility.

Resources

SQM to invest in a new NT lithium project

Chilean company Sociedad Quimica y Minera De Chile (SQM), through its subsidiary SQM Australia, is collaborating with iTech Minerals on the Reynolds Range project near Alice Springs. This partnership allows lithium exploration, complementing iTech’s focus on copper and gold. SQM, a major lithium producer, aims to acquire rights to a newly discovered lithium pegmatite at Reynolds Range, while iTech retains rights to all other minerals. Both companies will form a technical committee for project development, as noted by iTech’s managing director, Mike Schwarz.

Mr Schwarz said the Reynolds Range lithium project in the NT features high-grade lithium pegmatite discoveries, with rock chips reaching up to eight per cent. He said SQM will initially manage and fund all lithium exploration, allowing iTech to concentrate on exploring the copper and gold opportunities within the tenement package, which it wholly owns.

New Frontier starts geophysical survey at Harts Range

New Frontier Minerals Ltd is launching a helicopter-borne radiometric and magnetic survey at its Harts Range Project in the Northern Territory. This step will accelerate exploration and uncover new mineral targets, the company said. The survey will significantly enhance the company’s comprehension of geological structures, enabling a focused prioritisation of drilling targets for uranium, niobium, and heavy rare earths. This strategic move is poised to elevate shareholder value.

Merlin project reveals promising base metal targets

Lucapa Diamond Company Limited has reported encouraging outcomes from a geophysical survey conducted at its Merlin Diamond Project in the Northern Territory. The survey revealed two significant base metal targets that share geological characteristics with the nearby McArthur River zinc-lead mine, known as one of the largest in the world.

These discoveries could enhance the company’s mineral resource portfolio and propel its exploration initiatives forward. Plans are in place for additional ground-based geophysics to further clarify these targets, and the company eagerly anticipates more results that might uncover new kimberlite or base metal targets. Lucapa Diamond Company Limited specialises in mining and exploration, focusing on diamond projects and a commitment to discovering and developing valuable kimberlite deposits and other mineral resources.