To purchase this space contact Gordon

The minerals industry is one of four key industries supporting the economy in the Northern Territory.

A new report by Deloitte Access Economics found that the maritime, agribusiness, minerals, and oil and gas industries contribute a combined total of $7 billion in direct value while supporting over 11,000 jobs in the NT.

The contribution is equivalent to 26 per cent of the Territory’s gross state product and eight per cent of total employment.

The NT minerals industry will also enjoy a further boost from completion of the Finniss lithium project.

Core Lithium officially opened the Finniss mine in October 2022, marking the start of production at Australia’s only lithium mine outside Western Australia.

“The Core team has done a fantastic job quickly transitioning from discovery and exploration to construction and shortly supply of high-grade lithium concentrate to a global market in just six years,” Core chief executive officer Gareth Manderson said at the time.

“The first four years of production from the project is already secured with about 80 per cent sold to offtake partners, including Ganfeng Lithium and Sichuan Yahua, who have provided tremendous support during our development phase.”

Deloitte’s report has also indicated 22 priority actions to maximise industry growth over the period of 2030–31, including capitalising on increases in demand for critical minerals by increasing exploration and production activities and establishing Darwin as a key maintenance hub for vessels.

The NT is currently undertaking the ambitious target of achieving a $40 billion economy.

“Growing a $40 billion economy by 2030 requires reaching for bold new economic opportunities and overcoming longstanding challenges facing the Northern Territory,” NT Minister for Mining and Industry Nicole Manison said.

“The Northern Territory has what it takes to be a thriving economy with world class mineral deposits, prospective gas reserves, a strong agriculture sector, emerging information technology capabilities and strategic advantages as a location for trade and defence.

Deloitte partner and principal report author John O’Mahony said the NT has a significant opportunity to deliver sustainable growth.

“Approximately half of the estimated growth in the NT economy could be contributed through sectoral spillovers – efficiency gains in the upstream and downstream industries dependent upon the maritime, agribusiness, minerals and oil and gas industries,” he said.

“The Northern Territory Government has an opportunity to deliver sustainable growth – and spread resulting social benefits more widely – by maximising the downstream manufacturing and services opportunities from growing maritime, agribusiness, minerals and oil and gas services.”