Business news from across the Northern Territory: Latest highlights include Darwin hosting this year’s National Tourism Awards, the NT Government – Japan Bank for International Cooperation partnership to boost the local renewable economy, and Darwin City continues to have the highest vacancy rate in Australia, plus more.

Also, making resource news, is a new joint venture to secure gas supply for the Arafura Rare Earths project, and Australasian completing its survey diamond drilling at Mount Peake Lithium Project.

Local economy

New partnership to boost NT’s economy

The NT Government and the Japan Bank for International Cooperation (JBIC) have signed a memorandum of understanding that launches a platform for ongoing talks between the NT and JBIC officials regarding financing energy and infrastructure projects, the government has said.

The joint effort will include oil and gas, carbon capture, critical minerals infrastructure, hydrogen, ammonia, renewable energy, and sustainable aviation fuels. The MoU will also highlight the NT as a dependable supplier of liquefied natural gas (LNG), critical minerals, hydrogen, and solar energy.

The partnership will aid in attracting new investments in resource extraction, mineral processing, and carbon capture and storage, NT Chief Minister Eva Lawler said.

Real estate

Darwin City posts highest vacancy rate in Australia

The latest PropTrack report revealed that Darwin City continues to have the highest vacancies in the country after recording an increase of 0.23 per cent for the previous quarter to a 2.69 per cent vacancy rate in January. Year-on-year, Darwin’s vacancy rate also increased by 0.21 per cent.

Darwin’s vacancy rate topped Sydney with 1.2 per cent, Melbourne with 1.15 per cent, Hobart with one per cent, Brisbane with 0.86 per cent, Adelaide with 0.78 per cent, and Perth with 0.76 per cent.

Regional NT also had the highest vacancy rate compared to the other regional markets. Regional NT’s vacancy rate fell a significant 0.87 percentage points month-on-month—the most considerable decrease in the country—to sit at 1.92 per cent. This brings regional NT’s vacancy rate down 1.03 percentage points compared to last year.

Resources

Joint venture secures Arafura gas supply for its rare earths project in NT

Arafura Rare Earths has signed an agreement with Mereenie onshore gas field joint venture (JV) partners – Central Petroleum, Macquarie Mereenie, Cue Energy Resources and New Zealand Oil & Gas – to supply a combined volume of up to 27.4 petajoules (PJ) of gas to Arafura.

The agreement was signed by Arafura subsidiary Arafura Nolans Project, requiring the gas-focused partners to provide natural gas from 2026 for a three-year term, with an option to extend for a further two years. The deal depends on Arafura obtaining all authorisations, approvals, licenses or permits from a government agency necessary for it to take delivery of gas.

Mereenie is the most extensive onshore gas field in the NT. Central Petroleum is the Mereenie field operator and has a 25 per cent participating interest, while Cue Energy holds 7.5 per cent, Macquarie adds 50 per cent, and New Zealand Oil & Gas has the remaining 17.5 per cent.

The Nolans rare earths development is a “shovel-ready, world-class neodymium-praseodymium (NdPr) project”, about 135km north of Alice Springs.

Australasian completes survey diamond drilling at Mount Peake Lithium Project

Australasian Metals Limited has concluded reconnaissance diamond drilling at the Mount Peake Lithium Project, with the drilling program comprising three drill holes covering 600 meters. The program follows a grant of $95,185 under the Resource the Territory initiative, managed by the NT Geological Survey.

The company said the MPDD001 hole hit granulite and amphibolite throughout the depth of the hole, with calc-silicate alteration observed for nearly 30m at the bottom. In MPDD002 and MPDD003 holes, several pegmatite dykes were intersected.

“Our exploration team has learned a lot from the program, especially about the intrusive relationship between different phases of pegmatite. The knowledge gained through this program will greatly benefit our further targeting in regional exploration in Mt Peak and Borrow Creek areas,” Australasian managing director Dr Qingtao Zeng said.

Tourism

Darwin to host National Tourism Awards

The Qantas Australian Tourism Awards will be held at the Darwin Convention Centre on March 15 with more than 700 tourism operators across 26 business categories, with finalists representing state and territory winners. Winners will represent the NT from 22 categories from last year’s Brolga Awards—the territory’s official tourism awards excellence programs.

Last year’s event saw the NT winning two gold, two silver, and four bronze awards.

Tourism Minister Joel Bowden said the tourism industry continues to contribute to the local economy, creating work for local tourism operators, retailers, and the hospitality sector. “The Territory’s iconic experiences are only possible due to our dedicated tourism businesses, and I look forward to seeing our Territory finalists shine on the national stage,” Mr Bowden said.