The CLP Government and the Republic of Indonesia have signed a Memorandum of Understanding to strengthen collaboration on critical mineral and strategic material supply chains.
Formalised at the Australian Indonesia Business Council in Sydney this morning, the agreement is a first of its kind between any Australian jurisdiction and Indonesia.
The agreement is designed to establish a collaborative framework that promotes sustainable development and economic growth, fostering mutual benefit for both the NT and Indonesia.
It also seeks to capitalise on the Northern Territory’s status as an emerging critical minerals powerhouse and reinforces the region’s strong partnership potential, as Indonesia progresses its ambition to become a Southeast Asian hub for electric vehicle manufacturing.
Minister for Trade, Business and Asian Relations Robyn Cahill said Indonesia was the largest economy in Southeast Asia and the 10th largest economy in the world based on purchasing power.
“It is important that the Territory continues to strengthen relationships with our key economic partners and diversify our markets,” said Ms Cahill.
“By signing the Memorandum of Understanding with the Indonesian Government, we are sending a clear message that we are open for business and that we are well placed to advance trade, investment and strategic partnerships in Southeast Asia.”
The Northern Territory has a strong pipeline of emerging mining projects in non-ferrous metals, critical minerals, and precious metals for the advanced manufacturing of batteries, semiconductors and renewable energy technologies.
“The agreement promotes sustainable development and economic growth which will create more opportunities for Territorians,” said Mrs Cahill.
“Indonesia is one of the Territory’s closest neighbours and is an important economic and strategic partner for local businesses.”
Highlights in the agreement include:
- promoting opportunities for critical mineral investment
- encouraging joint studies, exploration, and development of processing and refinery technology
- collaborating on adopting and promoting sustainable and responsible mining practices
- facilitating a skills development program through education and training.
The five-year agreement recognises mutual interest in nurturing strong and diverse energy supply chains, strengthening trade and investment links, and supporting respective national objectives in critical minerals processing between Indonesia and the Northern Territory
Source: Northern Territory Government Newsroom
