Business news from across the Northern Territory: The latest business highlights include the NT Government signing minerals and energy agreements with energy giant JOGMEC, Informa Connect hosting Northern Territory Resources Week, and Master Builders NT scouting for a new chief executive. Also making resource news is Top End Energy eyeing substantial gas prospects in NT, and Core Lithium looking to the future after a challenging year.

Economy

NT gov’t signs minerals and energy agreements with energy giant JOGMEC

The NT Government has signed two Memorandums of Understanding (MoU) with energy giant Japan Organisation for Metals and Energy Security (JOGMEC) to develop the Territory’s critical minerals industry further. The MoUs strengthen economic and trade ties between the NT and Japan, the government said, underscoring $7.7 billion worth of goods exported from the Territory to Japan in 2023 alone.

JOGMEC EVP Hiroyuki Mori and Chief Minister Eva Lawler signed the first MoU to establish a framework for cooperation in various energy sectors, including natural gas, carbon capture, and hydrogen production. The second MoU, signed by NT Mining Minister Mark Monaghan and another JOGMEC EVP Hiroshi Kubota, focuses on greater collaboration with critical mineral supply chains.

The partnership between the NT and Japan will be facilitated through the exploration, extraction, processing, and supply of critical minerals such as nickel, cobalt, lithium, graphite, and rare earth elements.

Companies

Master Builders NT is scouting for a new chief executive

Master Builders NT is searching for a new chief executive after the sudden resignation of Ben Carter earlier this month. In October last year, Mr Carter fronted the release of an ACIL Allen report for Master Builders that identified Defence would spend $6.23 billion in the Territory over the next four years and increase 7,640 jobs at its investment peak. He also pushed for additional residential construction across the NT to meet the anticipated housing shortfall.

Resources

Top End Energy eyes substantial gas prospects in NT

A preliminary geological and geophysical evaluation of Top End Energy’s Exploration Permit (EP) 144 in the South Nicholson basin in the NT has indicated “significant” gas potential, the company said. Top End bought EP 144 from Minerals Australia and Jacaranda Minerals, wholly-owned subsidiaries of Hancock Prospecting. The EP 144 is located near the Northern Gas Pipeline, which supplies gas to Mount Isa and the East Coast.

“When overlaid with the results from the Carrara-1 stratigraphic well, the potential for a highly prospective unconventional gas play fairway on EP 144 is readily evident,” Top End managing director Oliver Oxenbridge said. “This is complemented further by helium and hydrogen potential, which are also indicated across the basin.”

Further geophysical analysis, soil gas sampling, and targeted stratigraphic drilling will be included in EP 144’s near-term work program.

Core Lithium looks to the future after a challenging year

Core Lithium said it has managed a challenging 2023–24 financial year with several positive achievements to carry forward into the 2024–25 financial year. Core chief executive officer Paul Brown said the June quarter saw record quarterly spodumene concentrate shipments and the company’s lowest quarterly operating costs. The company also remains debt-free, with a cash balance of $87.6 million as of June this year.

“This provides a solid financial foundation to reset the business and enable our Finniss operations to be in a position to restart as a lower-cost- lithium producer when market conditions improve,” Mr Brown said.

In addition to restart assessments, Finniss is working to improve future operations. Core will also focus on exploration during FY25, with the company already drilling at its Shoobridge project in the NT. A fall in lithium prices caused the lithium miner to suspend early works at the BP33 project and mining activities at the Grants open pit in the Territory during the March quarter.

Events

Informa Connect is hosting Northern Territory Resources Week

Informa Connect Australia is hosting the Northern Territory Resources Week, a comprehensive event that brings together three of the Territory’s foremost industries—The South East Asia Australia Offshore & Onshore Conference, Mining the Territory Symposium, and the NT Clean Energy and Decarbonisation Forum. This all-encompassing event will take place on September 18 and 19 at the Darwin Convention Centre, assembling significant players in Australia’s oil, gas, and minerals industries.

An impressive line-up of speakers attending the Joint Plenary include NT Minister of Resources Madeleine King MP, Gas Taskforce, Lead and Investment Territory chairman Alister Trier, Pollination Group executive director Erica Lampropoulos, SunCable CEO Cameron Garnsworthy, Arafura Rare Earths Limited managing director Darryl Cuzzubbo, Deloitte Sustainability and Climate Change partner Celia Hayes, and NT Shadow Minister for Resources and Shadow Minister Senator Susan McDonald, and other top industry executives.