Applications are now open for the Northern Territory Government‘s Geophysics and Drilling Collaborations program, which aims to assist an industry that supports thousands of local employment.
Grants of up to $3 million will be provided in 2023-24 as part of the program to encourage and aid exploration activity in the Territory.
The grants, which are part of the $9.5 million Resourcing the Territory program, aim to fill geoscientific knowledge gaps, advance exploration activity, and aid in the finding and developing resources in the Territory.
The scope of eligible exploration activities for co-funding has been expanded in this round to enable a broader range of exploratory operations.
Funds are awarded to businesses that are researching new areas or employing innovative approaches.
Six months following the completion of fieldwork, information collected from collaborative projects is disclosed to the public to improve public knowledge of the Territory’s geology and resources and promote additional exploration.
Last year, the overall value of mineral output in the Northern Territory was $4.86 billion, with 4,400 people employed within the sector.
Minister for Mining and Industry Nicole Manison stated that the State Government is aware that the State’s largest contributor is the economy is the resources industry, directly and indirectly supporting thousands of local jobs.
“Our $9.5 million Resourcing the Territory program is the biggest investment by any Territory Government into programs to attract and support resources exploration in the Territory,” Minister Manison said.
Minister Manison added that the program intends to speed up resource exploration and discovery, which will drive mining development and create more jobs throughout the State.
According to the State Government, the State is home to 15 of the world’s critical minerals, with significant geological potential for an additional 13.
The rising transition to renewable energy and battery storage and the vital function of these minerals in areas such as medicine and defence are expected to drive up demand for critical minerals.
The State Government said this represents a substantial economic and strategic opportunity for the Northern Territory, and it is a crucial component of the Government’s plan to establish a $40 billion economy by 2030.
