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NT skills pay off

NT Government Matchmaker Skills Pay Off

A Territory mining company brought together with Chinese investors through the NT Government’s China Investment Strategy has signed a deal that could represent the largest Chinese investment into the NT yet.

The NT Government today welcomed the ASX announcement by Minemakers’ Limited with Verte Group Ltd, confirming the strong interest China has in not only the NT resource sector but also in the development of regional infrastructure in the Territory.

Resources Minister Kon Vatskalis said the Memorandum of Understanding between Minemakers and Verte as a strategic investor, could represent the largest Chinese investment into the Northern Territory.

The proposed investment by Verte Group will allow Minemakers to develop the Wonarah Phosphate Project, east of Tennant Creek, on a large scale and not the staged progressive development originally considered.

“I am proud to say that the department was directly responsible for introducing the Verte Group to Minemakers,” Mr Vatskalis said.

“As part of our China and Japan investment attraction program, the department has been working with the Verte Group for some time to identify investment opportunities in the minerals sector and other sectors of the NT.”

The Department of Resources introduced the companies in May this year.

As well as providing equity funding for the rapid development of the Wonorah Phosphate Project near Tennant Creek, the Verte Group MOU for investment will also provide funds for development of regional infrastructure.

“The Territory Government is a strong supporter of our resources industry, with the mining and petroleum sector contributing to around 30% of the Territory economy,” Mr Vatskalis said.

“The NT Government’s $14.4 million on Bringing Forward Discovery initiative has led to an exploration boom in the NT, with ABS figures showing the NT was the only jurisdiction to increase exploration expenditure to almost $150 million.”