The Territory Labor 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 Labor Government’s investment of $26m over four years in exploration stimulus programs under the Resourcing the Territory initiative.
The Territory Labor 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.
Quotes from Minister for Primary Industry and Resources, Paul Kirby:
“Our Government is supporting mineral exploration that creates jobs now and jobs for into the future.
“These strong results continue the recent trend where growth in Territory mineral exploration expenditure is exceeding the national average.
“The resurgence in gold activity in the Territory is being backed by our Government with our recording breaking investment of $26 million over four years in Resourcing the Territory exploration stimulus programs.
“Our Government’s investment in mineral exploration is hitting the ground across our regions – in places like Pine Creek, Central Australia, and the Barkly – helping to drive new investment, support businesses and create local jobs.”
Media Contact: Carl Pfeiffer 0417 910 720