The Territory Labor Government has released the Mineral Development Taskforce Final Report, stepping out how the Northern Territory can accelerate mining development to unlock a pipeline of projects, a key part of achieving a $40 billion economy by 2030.

The Mineral Development Taskforce was established in November 2021 to investigate and identify strategies to activate and secure ongoing private investment.

The taskforce, which comprises of government, industry and private sector experts was tasked with reporting findings back to the Northern Territory Government.

Released today, the taskforce’s final report, outlines a series of recommendations and actions to drive and increase private investment in mining and downstream value-add projects.

These include:

• introducing targeted initiatives to encourage increased exploration and mining activity

• securing co-ordinated, transparent and efficient land access processes that respect land-owners and recognise co-existing uses

• targeted regulations focussed on outcomes to deliver improved project economics

• updating the Territory’s royalties regime to make it more competitive and not a deterrent to investment

• capitalising on economically sustainable downstream mineral value-add opportunities.

Government accepts the recommendations in principle and will now engage with key stakeholders and industry about the opportunities that have been identified to increase and enhance the competitiveness of the Territory as an investment destination.

The report can be found at https://resourcingtheterritory.nt.gov.au/minerals/mineral-development-taskforce

Quotes attributable to Minister for Mining and Industry, Nicole Manison:

“The Mining industry is the Northern Territory’s biggest contributor to the economy, and we can help tackle climate change by supplying the critical minerals the world needs.

The Territory Government is sending a loud and clear message to investors that we are a world class destination for mining and we have the resources need for low emission technologies.

Growing mining will mean more well-paying jobs and royalties that will benefit all Territorians, through better services and infrastructure

This is why we established the Mineral Development Taskforce, which has identified opportunities to harness sustainable downstream manufacturing, and different royalty models that could make the Territory more competitive on a global scale.”

Source: NT Government Newsroom