News Room

Territory Mining Exploration set to Expand with $2.4 Millon Boost

[ 23/04/2008 ]

A new $2.4 million expansion of the Northern Territory Government’s Bringing Forward Discovery initiative will boost investment in the mining industry.
 
“This will generate more mining activity and deliver more jobs for Territory families,” said Mines and Energy Minister Chris Natt.
 
“Mining and energy production and extraction are already worth more than $6 billion to the Territory’s economy – mineral exploration alone contributing more than $100 million.
 
“There are still many more opportunities – and that’s why the upcoming budget will include extra funds for Bringing Forward Discovery – which is now worth $14.4 million over four years.
 
“The initiative brings Government and industry together to boost exploration in remote parts of the Territory.
 
“It will increase drilling and geophysical surveys of under-explored frontier regions of the Territory.
 
“Exploration companies will be entitled to apply for 50 per cent, or up to
$100,000 of their costs for drilling and geophysical surveys in greenfields regions.
 
“Applications will be assessed on their potential to open up new areas for exploration and to lead to new discoveries.
 
“The initiative promotes mining opportunities in the Northern Territory to companies across the world.
 
“It is a competitive industry with Governments across the country competing to attract mining companies.
 
“During 2007 the total number of active exploration licenses granted exceeded 1000 for the first time.
 
“The Henderson Government is delivering for Territory families by investing in our future and building our strong economy.”