Mineral exploration expenditure up 43% in the NT

p2106ken-vowlesSir – Mineral exploration expenditure increased by 43% in the Northern Territory during the 2017/18 financial year, statistics released this week have shown.

 

The Australian Bureau of Statistics (ABS) data shows exploration expenditure for 2017/18 totalled $111.8m.

 

Australia-wide, exploration expenditure increased by 26% over the same period, showing growth in the Territory’s mineral exploration sector is well above the Australian average.

 

The figures also show much of this new exploration activity was in greenfields areas – areas not yet explored – with more than 50% of all exploration expenditure in the Territory taking place in areas away from known deposits.

 

The Territory Labor Government’s Resourcing the Territory initiative will further encourage exploration through a range of programs to stimulate the sector, including the Geophysics and Drilling Collaboration grants program, which saw a record number of applicants this year.

 

In the 2018 Budget we allocated $26m over four years to that initiative – the highest amount ever invested by any Territory government.

 

Ken Vowles (pictured)

Minister for Primary Industry and Resources

 

 

 

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