Mineral exploration activity in the Northern Territory eased in 2024 with a reduction in exploration expenditure for critical minerals including copper.
Mineral exploration expenditure in the Northern Territory (NT) for 2023-24 was $228.6 million, up 7% on the figure of $204.3 million for 2022-23, and the highest financial year figure on record.
For the full 2024 calendar year, mineral exploration expenditure in the Northern Territory was $176.0 million, down 23% on the record figure of $228.5 million for 2023.
The past 12 months has seen a a a decrease in exploration expenditure particularly for commodities such as lithium, rare earths, gold and copper.
Mineral exploration expenditure in 2024 was $176 million (down from $228.5 million in 2023).
The Northern Territory’s share of Australian mineral exploration expenditure dropped to 4.3% in the December 2024 quarter.
Proportion of exploration in greenfields areas was 43%, but still significantly higher than the national average of 29%.
Expenditure on gold exploration decreased by 13% from $56.1 million and base metals decreased by 18% to 33.1 million in 2024.
Expenditure for ‘Other’/critical minerals decreased by 37% to $67.4 million in 2024.
Expenditure for uranium increased by 11% to 18.9 million in 2024.
Granted exploration licences (1 January 2025): 1034 (down from 1077 at 1 January 2024).
