Mineral exploration expenditure in the Northern Territory was $200.1 million for 2022-23 financial year, up 17% on the figure of $171.5 million for 2021-22. This is the second highest annual financial year expenditure on record, behind 2011-12.
The 17% rise in expenditure in the NT in 2022-23 was higher than the Australia-wide increase of 7%. Around 41% of the Territory’s mineral exploration in 2021-22 was for ‘new deposits’ (greenfields exploration away from existing deposits), significantly higher than the national average of 31%.
The statistics show a continuing trend towards increased exploration for critical minerals, copper and uranium in the NT, while gold exploration has declined. The breakdown includes:
- Expenditure for critical minerals like lithium and rare earth elements, largely defined as 'other' by the ABS, increased by 33% in 2022/23 to $88.6 million, and now comprise 44% of all mineral exploration in the NT.
- Expenditure on exploration for base metals (primarily copper and zinc) increased by 16% from $32.9 million in 2021/22 to $38.0 million in 2022-23.
- Expenditure on exploration for uranium in 2022-23 was $13.5 million, the highest figure since 2011-12.
- Expenditure on gold exploration declined by 16% from $68.2 million in 2021/22 to $57.9 million in 2022-23.
Petroleum exploration expenditure in the NT for 2022-23 was $125.4 million, down 33% on the 2021-22 figure of $185.2 million. The ABS do not provide a breakdown of offshore vs onshore for petroleum expenditure in the NT. Nationally, petroleum exploration expenditure for the 2022/23 financial year was $907 million, down 21% on the previous year.
For more information visit the Australian Bureau of Statistics website.