Exploration growth creating jobs now and for the future

Exploration growth creating jobs now and for the future

The Territory Government has welcomed the release of new Australian Bureau of Statistics (ABS) data showing Northern Territory mineral exploration expenditure in the March 2019 quarter was $27 million – up 20 per cent compared to the March 2018 quarter.

These results are also the highest mineral exploration expenditure for a March quarter (typically the weakest month for activity due to the wet season) since the March quarter of 2012 during the last mining boom.

Importantly, the ABS data shows that more than 50 per cent of the March 2019 quarter mineral exploration spend was on gold.

In a real sign of confidence for the Territory economy, a total of $14 million was expended on gold exploration – meaning the March 2019 quarter was the highest expenditure ever recorded for gold exploration in a March quarter.

These strong results – building on the 35 per cent growth in mineral exploration expenditure in calendar year 2018 – come on the back of the Territory Government’s investment of $26m over four years in exploration stimulus programs under the Resourcing the Territory initiative.

The Territory Government’s Resourcing the Territory initiative is the biggest investment by any Territory Government into programs to attract and support resources exploration in the Territory.

Source: NT Government