The Northern Territory has launched its new $3.95 million Creating Opportunities for Resource Exploration initiative aimed at assisting mineral and petroleum explorers make the ‘next major discovery in the Northern Territory’.

Territory Minister for Energy, Willem Westra Van Holthe, said that the program would help secure the Territory’s future economic prosperity.

“The mines and energy sector plays a major role in the Northern Territory’s economy and the CORE program ensures ongoing investment in the Territory’s economic future,” Mr Westra van Holthe said.

 “Exploration has a flow on effect to Territory small businesses and suppliers, and has a substantial economic and regional development benefit.

“The Northern Territory is open for business and providing this type of funding for exploration sends a clear message to the community that we are building the Territory’s economy for all Territorians.

“The Territory has some of the best conditions for doing business in Australia and the CORE initiative provides solid encouragement to mineral and petroleum explorers.”