Business news from across the Northern Territory: The latest highlights include Gemco Mine still grappling with cyclone-related challenges, and the First Home Buyers grant scheme begins October 1. Also making resource news is Vista Gold discovers high-grade vein intercepts at Mt Todd, and ECNT seeks stay order on Tamboran’s Beetaloo fracking project.
Companies
Gemco Mine is still grappling with cyclone-related challenges seven months later
Repair expenses for the Gemco Groote Eylandt manganese mine have soared to $171 million, seven months following the havoc wreaked by Cyclone Megan, which led to the cessation of production for an extended period. In anticipation of the upcoming Wet Season, the firm is actively stockpiling ore as the repair costs from the category three cyclone continue to rise, and the dewatering process at the mine is nearing completion. It was recently disclosed that mine co-owners South32 and Anglo American have committed an extra $96 million towards the restoration efforts. These efforts are primarily concentrated on the wharf, which sustained significant damage after being hit by a tanker docked nearby during the cyclone.
The company plans to restart operations in the first quarter of the upcoming year, conditional on sustained construction productivity through the rainy season. They expect sales volumes to rise gradually throughout the fourth quarter of 2025. Additionally, the company is securing insurance to cover the storm damages, including the costs of reconstructing the wharf.
Housing
First home buyers grant scheme begins October 1
The Finocchiaro Government has announced that applications under its $20 million 12-month first home buyers grants scheme will open next month. Chief Minister Lia Finocchiaro said that under the scheme, there would be $50,000 for people who buy or construct a new home for the first time and $10,000 for people who buy an existing home for the first time. She said a $30,000 grant was also available for those who have already owned a home to purchase or construct a new one. Ms Finocchiaro said the scheme is open to Australian citizens and permanent residents. She said there were no limits on purchase or construction prices, but those who receive a grant must live in their homes for at least 12 months.
Ms Finocchiaro said amendments to the First Home Owner Grant Act would be introduced in the parliamentary sitting commencing on October 15 and passed during the November sitting. However, all eligible applications received from October 1 will be honoured. Property Council NT executive director Ruth Palmer said the incentives will help to stimulate the building market. The scheme will begin on October 1 and end in September next year.
https://ntindependent.com.au/first-home-buyers-grant-scheme-begins-october-1/
Resources
Vista Gold discovers high-grade vein intercepts at Mt Todd
Vista Gold Corp. has revealed the preliminary findings from the second phase of its drilling program 2024 at the Mt Todd gold project, located in the Northern Territory, Australia. This phase of drilling, which kicked off in July 2024, was strategically concentrated on the shallow regions of the South Cross Lode zone (SXL), a recognized mineral-rich area. The zone, which intersects the Batman deposit and extends up to 400 meters to the northeast, has been a critical focus area for the project’s direction.
https://www.miragenews.com/vista-gold-reports-high-grade-vein-intercepts-1323163/
ECNT seeks stay order on Tamboran’s Beetaloo fracking project
The Environment Centre NT (ECNT) has applied to the NT Civil and Administrative Tribunal to stop Tamboran Resources drilling at its Beetaloo Basin Shenandoah South fracking project. The ECNT was demanding an injunction to halt the NT Government’s endorsement of Tamboran’s environmental management plan until NTCAT delivered a final ruling on the merits review initiated last month, seeking to overturn the approval of the Shenandoah South fracking project. On August 27, ECNT explicitly instructed Tamboran to cease all drilling activities until the Tribunal reached a conclusive decision. Despite this clear directive, Tamboran proceeded with drilling on August 29.
The proposal by Tamboran outlines the development of as many as 15 fracking wells across four sites within the Beetaloo Basin. The basis for the challenge hinges on the approval presenting intolerable threats to surface and groundwater sources. Environmental attorneys Matt Floro and Elaine Johnson from Johnson Legal represent ECNT in this legal endeavor.
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