Business news from across the Northern Territory: Latest highlights include a survey showing that the NT’s critical minerals are attracting investment, the NT Government continues to boost mining with $4 million in funding, and the NT’s population decreased for the December 2023 quarter. Also making resource news, a Helium exploration grant is awarded to Greenvale, plus more.

Economy

NT geological database encourages investments

A survey released by the Fraser Institute Survey of Mining Companies showed the NT ranked second in the world for the number of respondents stating that the Top End’s geological database encouraged investment. The survey also shows that the Territory remains in the top 10 globally for investment attractiveness. It is ranked third globally for mineral potential behind WA and Nevada.

NT has 17 of the world’s most sought-after critical minerals, including lithium, rare earths, graphite and copper. The resources industry is currently the largest contributor to the local economy with a total value of mineral production of $4.38 billion as of 2023, with 5,300 individuals working within the industry. The jurisdiction’s mineral expenditure continues to boom, posting $228.1 million last year—up 14 per cent from 2022.

NT Government boosts mining with $4 million funding

The NT Government has allocated $4 million in co-funding for the 17th round of the Geophysics and Drilling Collaborations (GDC) program, which aims to address knowledge gaps, advance exploration activities, and support the discovery and development of new resources. This initiative is part of the $9.5 million Resourcing the Territory Program designed to enhance exploration success and resource development within the region.

It is anticipated that this funding will foster industry innovation and provide both stakeholders and the public with valuable new data. For the 2024/25 financial year, the program will support 41 projects from 29 companies.

Population

NT population decreased for the December 2023 quarter

Data from the Australian Bureau of Statistics (ABS) shows that for the December 2023 statistical quarter, the number of residents in the NT decreased by 67, compared to the beginning of the month. A statistical quirk saw the ABS upwardly revise its September quarter population figures, which led to the Territory’s population falling in the three months to December. In 2023, almost 4,000 more people moved interstate from the Territory than moved here from interstate, according to the ABS data.

A total of 1189 Territorians migrated interstate in the December quarter, with 757 people settling in the NT from abroad. There were 67 fewer residents in the NT in the December quarter, representing a 0.03 per cent drop. Last year, the NT’s total population increased by 2,386, an increase of 0.95 per cent.

Resources

Helium exploration grant awarded to Greenvale

The NT Government has granted Greenvale Mining Ltd a $100,000 grant to support seismic survey activities at its West Walker Helium Project in Central Australia. It is intended to identify prospective helium, hydrogen, and hydrocarbon resources in the Amadeus Basin by collecting seismic data starting in August. Greenvale Mining views this development as a key step towards becoming a significant player in the helium market, which is currently facing a supply shortage.

NT royalty reforms welcomed by Vista Gold

With the announcement of a favourable shift in the NT’s mineral royalty system, Vista Gold Corp. will receive a 3.5 per cent royalty rate on gold produced from its Mt Todd project under a new ad valorem royalty regime. This change is expected to significantly reduce payable royalties by nearly 50 per cent, boosting project economics and speeding up shareholder returns. The move aims to stimulate the mining industry’s growth and improve its competitiveness.