Business news from across the Northern Territory: The latest highlights include Uranium mining being banned in Kakadu, Idle solar plants expected to be connected to the grid with a $250 million Federal Government commitment, and a New PropTrack rental report indicating worsening rental pain in the NT. Also making resource news is the NT Government signing a new gas supply deal with Empire Energy, and Australasian reports substantial advancement with its NT mine operations.

Economy

Uranium mining is now banned in Kakadu

The NT Government has blamed the Federal Albanese Labor Government for its decision to terminate the uranium lease on Jabiluka in Kakadu National Park, home to one of the world’s largest high-grade uranium deposits. Despite the long-standing desire of mining company Energy Resources Australia to continue with its lease of the Jabiluka site, which is a national heritage site, the PM’s decision, in line with Mirarr’s wishes, has ended the lease.

“They were seeking a guarantee that there would never be uranium mining on their land,” Mr Albanese said of the Mirrar people. “This means there will never be mining at Jabiluka.” In 2017, archaeologists discovered buried axes and tools near the Jabiluka site, dating them to tens of thousands of years old.

Idle solar plants expected to be connected to the grid with a $250 million federal government commitment

The $250 million federal investment in renewable energy for the NT is a beacon of hope, promising to connect long-idle solar plants to the grid and prevent potential blackouts over the next three years, experts say. This investment, part of the $20 billion ‘Rewiring the Nation’ program, is part of the government’s commitment to sustainable energy and a step towards reducing reliance on fossil fuels, the feds said.

The move will increase the amount of renewable power generated by methods such as solar and wind, reduce reliance on power generation from fossil fuels through the upgrade, expand the power grid across the Territory, and support unspecified major transmission projects. It would accelerate the rollout of other unspecified transmission projects across the Territory, with the first completed before 2030.

Real estate

Rental pain worsening in NT: PropTrack

Renters in the Darwin market are facing fewer rental options, with new listings falling by 5.6 per cent last month, the latest PropTrack rental report revealed. New rental listings in Darwin were likewise 31.7 per cent below the 10-year average in June.

“Rental stock remained tight in June as total listings declined by 7.7 per cent year-on-year to 46.9 per cent lower than the decade average to June 2022. Darwin properties also received the third-highest inquiries per listings across the capitals, up 6.9 per cent annually in June to 28.63,” PropTrack director of economic research and report author Cameron Kusher said.

Darwin saw the most significant drop in rental vacancies, down 1.06 percentage points to 1.2 per cent for the June quarter. “Weakening rental growth likely reflects the trade-offs that renters are making due to the heightened cost of rent and living,” Mr Kusher said.

Resources

NT Government signs new gas supply deal with Empire Energy

The NT Government has signed another gas supply agreement, this time with key Beetaloo Basin player Empire Energy, which will see a “target” of 25 terajoules of gas per day from the company’s Carpentaria Pilot Project used to keep the lights on in the government’s crumbling electricity grid. The terms of the deal remain undisclosed and follows the government signing a similar gas supply agreement with Tamboran back in April for 40 terajoules per day of gas, which the government said it needed following a decline in gas produced by ENI’s Blacktip facility.

Nurrdalinji Aboriginal Corporation, representing TOs in the Beetaloo Basin region, criticized both deals, calling the Empire agreement an “under the table” deal. Empire is expected to make a final investment decision on its Carpentaria Pilot Project by the end of the year, with gas expected to be supplied to the government from mid-next year until 2035, with a possible extension to 2040. The company was first focused on delivering gas to the NT and would be looking later to supply gas to the East Coast.

Australasian reports substantial advancement with its NT mine operation

Australasian Metals Limited’s quarterly report for June 2024 shows the company’s significant progress across its NT and QLD projects, the company said. The standout development during the quarter, the Dingo Hole Highly Pure Quartz (HPQ) Project, 300 km southeast of Tennant Creek, is a beacon of hope for the mining industry, the company said. With the increasing demand for semiconductors and photovoltaic solar, the HPQ sector is rapidly expanding, and the company’s field exploration activities have yielded promising results.

The company completed a three-hole reconnaissance diamond drill program of approximately 600 metres at Mt Peake Lithium early this year. With support from the NT Geological Survey, this program provided valuable data. A technical team is now reprocessing previously reported geophysics and geochemical results.