The Australian Bureau of Statistics (ABS) have released the latest Australian mineral exploration expenditure figures. The Northern Territory (NT) recorded $74.1 million for the September quarter 2023, up 30% on the same quarter in 2022. This eclipses previous record of $71.6 million set in the September 2011 quarter.
The 30% year-on-year rise in expenditure in the Northern Territory for the September quarter was much higher than the Australia-wide increase of 5%, with exploration in the NT increasing to more than 6% of the Australia's exploration spend. Demand for critical minerals – such as lithium and rare earths - is driving this growth in exploration, accounting for $37.8 million in exploration expenditure.
Mineral exploration expenditure in the NT in 2023 is currently on track to be the highest calendar year expenditure on record.
Visit the ABS website to download the latest figures.