Territory ranked BEST in the world for Mineral Potential

17 May 2023

The Territory Labor Government’s commitment to growing the mining industry and creating jobs for Territorians is paying off, with the Northern Territory ranked as the leading jurisdiction in the world for mineral potential.

That’s according to the latest Fraser Institute Annual Survey of Mining Companies (2022).

In addition the Northern Territory has moved into the top 10 in the world for its attractiveness for exploration and mining investment.

This is a massive jump of 17 places in just four years, with the Northern Territory now ranked as the sixth most attractive jurisdiction in the world on the Investment Attraction Index.

The Territory Labor Government has seen mineral exploration and production soar in the last few years.

Figures released at the end of last year showed mineral production in the Northern Territory was the second highest value ever recorded.

For the 2022 financial year, the total value of mineral production was $4.86 billion, up 14% from 2021’s figure of $4.28 billion.

Mineral exploration expenditure has also shot up in the Northern Territory by almost 30% in the 2022 calendar year.

For the 2022 calendar year mineral exploration expenditure was $198.6 million – up from $153.4 million in 2021.

The Fraser Institute survey is a global survey of mining and exploration companies that ranks more than 60 jurisdictions worldwide for their attractiveness for investment.

The Investment Attraction Index rates regions based on their geologic attractiveness as well as measuring the effects of government policy on attitudes toward exploration investment.

Quotes from Minister for Mining and Industry, Nicole Manison:

“This is exciting news and presents huge economic and strategic opportunities for the Northern Territory as a supplier of minerals to support the global transition to a decarbonised economy.

Through initiatives such as the Labor Government’s $9.5 million per year Resourcing the Territory program, we have been promoting the Northern Territory’s geological potential for critical minerals, and we are excited to see that industry is actively recognising the Territory’s potential.

The Mineral Development Taskforce final report will build on these strong perceptions of the Territory by pursuing reforms to enhance our competitive position in the market for mining investment.

Our Government wants to boost jobs and make the Northern Territory a globally competitive and world class destination for mining investment.

These latest figures show that the world has stood up and is noticing the Territory’s potential – and that can only mean more jobs for Territorians as we head towards a $40 billion economy by 2030.”

Northern Territory Government