Mineral exploration activity in the Northern Territory is near record highs, driven by exploration for critical minerals including copper.
Mineral exploration expenditure in the Northern Territory (NT) for 2023-24 was $227.4 million, up 14% from the previous year. It is highest financial year on record, and only slightly lower than the highest calendar year figure of $228.4 million in 2011. The June 2024 quarter was $47.8 million, down 7% on the June quarter in 2023, but still the fourth highest expenditure recorded for a June quarter in the Territory.
The past 12 months has seen a a significant increase in exploration in greenfields areas and for commodities such as lithium, rare earths, uranium and copper.
Mineral exploration expenditure in 2023-24: $227.4 million (up from $200.1 million in 2022-23).
The Northern Territory’s share of Australian mineral exploration expenditure has increased from 4.94% in 2022-23 to 5.41% in 2023-24.
Proportion of exploration in greenfields areas: 47% and significantly higher than the national average of 31%.
Expenditure on gold exploration increased by 20% from $57.7 million in 2022-23 to $69.3 million in 2023-24.
Expenditure for ‘Other’/critical minerals increased by 12% in 2023-24 to $101.1 million, and now comprises approximately 45% of all mineral exploration in the Territory.
Granted exploration licences (1 January 2024): 1077 (down from 1109 at 1 January 2023).
