Mineral Development Taskforce

In line with a key recommendation of the Territory Economic Reconstruction Commission final report, the Territory Government announced the establishment of the Mineral Development Taskforce in November 2021 to investigate and identify opportunities to accelerate external investment in mining and downstream value-add projects to help secure the vision of a $40 billion economy and beyond.

Based on the findings from the Mineral Devlopment Taskforce final report PDF (10.4 MB) and subsequent consultation period, the Taskforce has now moved into the implementation phase Minerals Industry Development.

Mineral Development Taskforce final report

The Mineral Development Taskforce final report PDF (10.4 MB) focuses on 3 areas considered necessary, to drive the sustainable development of the Territory’s mineral resources sector and to realise its enormous economic potential.

Section 1 Increase the Territory's global competitiveness analyses the enabling environment for mining projects from the perspective of project proponents. It considers what the private sector has identified to be key project risks and potential government actions that could open up greater opportunities for mining activity. It focuses on critical enablers for the mining industry and covers mining tenure, access to land, regulatory frameworks, skills and workforce, and physical infrastructure. With the growing focus on sustainability and environmental, social and corporate governance (ESG) principles and social licence to operate.

Section 2 Accelerate project investment considers options to accelerate project investment decisions through the lens of an investor, Royalties are considered, as is a more targeted role for governments in project financing and funding. The government commissioned an independent comparative analysis of the royalty scheme and an assessment of potential alternative frameworks that could deliver more competitive project outcomes while preserving the key policy tenets of efficiency, adequacy, certainty, simplicity and transparency. This section also analyses the drivers for the various components of the financing market for mining projects. It seeks to identify where governments have a role to play in enhancing project financing opportunities, with particular focus on the parts of the lifecycle of a mining project that are most vulnerable to a lack of investor interest.

Section 3 Harness sustainable downstream opportunities analyses downstream value-add opportunities. It notes that while production costs in the Territory are generally at the higher end of the scale, there are broader strategic, economic, social, supply chain security and national interest considerations that could justify a case for government intervention to facilitate downstream value-add opportunities. The analyses involved a detailed ecosystem map of the value chain for each of the 6 minerals, including identification of the stage at which downstream manufacturing opportunities have the potential to present the optimal economic outcomes for investors and the Territory. The high-level review of the identified optimal value chain opportunity for each commodity to establishes common inputs and enablers for more focussed government attention and action.

Key findings

The taskforce has identified a range of opportunities to increase and enhance the competitiveness of the Territory as an investment destination and position the Territory to achieve its $40 billion by 2030 economic target. A summary of the key taskforce findings and conclusions are outlined below.

1. Speedy development of new mines is critical to achieving targeted economic outcomes

Targeted initiatives need to be introduced to encourage increased exploration and mining activity.

2. Industry views access to land as a significant risk

Securing coordinated, streamlined, transparent and efficient land access processes that respect landowners and recognise co-existing uses is critical.

3. Regulatory processes have a significant impact on project economics

Risk-proportionate regulations focussed on outcomes rather than inputs can deliver improved project dynamics and have to be targeted.

4. The Territory needs to recognise the new remote workforce paradigm and capitalise on what it can control

Focus on building local skills, and, through multi-industry collaboration, ensure a focus on workforce retention.

5. There is an infrastructure gap in the Territory

Must be addressed in a timely manner to de-risk exploration, mining and downstream value-add investment opportunities.

6. The success of the mining industry relies on its ability to align with community expectations

Trust in the regulator and social licence must be secured.

7. The Territory’s royalties regime is uncompetitive and a deterrent to investment

It must be revamped.

8. Governments have a significant role in supporting projects to reach final investment decision

Better designed and targeted project capital support programs are necessary.

9. The Territory is well endowed with minerals that are the building blocks for a clean and technology enabled future

Captilising on economically sustainable downstream mineral value-add opportunities is critical to securing a $40 billion economy by 2030.

Following detailed analysis of the high-level key findings and conclusions outlined above, the taskforce identified a series of targeted recommendations and possible specific actions, which are contained in the body of the report following analysis of each key matter canvassed by the taskforce.

Download the final report

Download the executive summary PDF (2.2 MB) including consolidated recommendations and possible specific actions.

Download the full version of the Mineral Development Taskforce final report PDF (10.4 MB) including recommendations and possible specific actions.