Northern Territory mineral exploration spending reaches $228.1m in 2023

Mineral exploration spending in the Northern Territory shot up to $228.1m in 2023, a 14% increase on 2022’s figures of $199.9m.

This 14% jump is well above the national average increase of 5%.

The figure of $228.1m is the largest exploration figure the Northern Territory has seen in over 10 years and just shy of the highest expenditure ever recorded in the Norther Territory, which was $228.4m in 2011.

The demand for critical minerals worldwide continues to drive the growth in exploration, with a large proportion of the increase attributed to lithium, rare earth elements and other critical minerals.

Northern Territory Mining Minister Mark Monaghan commented on the increase.

“Mineral exploration expenditure in the Territory continues to lead the country — and Territorians are the ones set to benefit,” he said.

“The Territory Labor Government is capitalising on the Northern Territory’s abundance of critical minerals, our new round of exploration grants focused on companies who were looking for the minerals the world demands.

“There are exciting opportunities for the Territory to become a leading supplier of the critical minerals needed for the transition to renewable gas.”

The increase comes as the Northern Territory Government committed $840m to help deliver Australia’s first combined rare earths mine and refinery in the Northern Territory.