The CLP Government will fix the economic mess Labor left behind and aim to capitalise on record mineral exploration expenditure in the NT.

Mineral exploration expenditure for 2023-24 was the highest financial year on record at $227.4 million, increasing from $200.1 million in 2022-23.

Kicking off NT Resources Week in Darwin, Chief Minister Lia Finocchiaro said the 14 per cent rise was nearly nine times higher than the Australia-wide increase of 1.6 per cent.

“Under my new CLP Government’s economic policies, we will vigorously pursue mining, gas, defence, tourism and agriculture,” Mrs Finocchiaro said.

“This is unlike the previous Labor Government which left the Territory as a place which was too hard to do business. We saw no new major mines open in eight years and approval times have blown out to ridiculous levels.

“The development of new mines, as well as the Beetaloo Basin, is now an urgent priority for us to rebuild the Territory’s economy.

“Labor failed to have the right framework to deliver, which is why we have changed up government departments, and we are making it easier to do business through reducing payroll tax and establishing a new Territory Coordinator to slash red tape and fast-track approvals.”

Mr Maley said: “The mining and resource sector will continue to play a vital role keeping Territorians employed, and hundreds of businesses across our regions engaged.”

“We have recently established the Department of Mining and Energy to support our key resources industry. We have also established the Department of Lands, Planning and Environment to ensure timely environmental approvals are achieved and create a better system for economic development,” he said.

Mrs Finocchiaro said: “Our CLP Government is full of hope and optimism about the future of the Northern Territory.”

The Territory has 17 of the world’s most in demand critical minerals, including cobalt, copper, lithium, manganese, rare earths, and zinc.

The total value of mineral production in the Northern Territory was $4.32 billion in 2023-24.

Source: Northern Territory Government Newsroom