NT notches up record exploring investment
The Northern Territory has announced it has recorded over $200 million in minerals exploring investment, a record for the territory.
Resources Minister Kon Vatskalis welcomed the Australian Bureau of Statistics figures which also show that in the December quarter expenditure was $67.1 million, up from $49.8M in the December 2010 quarter.
“For the 2011 calendar year, mineral exploration expenditure is now $228.4 million, the first time the NT has exceeded $200 million in annual expenditure,” Mr Vatskalis said.
The statistics represent a 37% increase on the total of $166.7 million in 2010.
“What a brilliant result for the Northern Territory, showing that the mining industry has confidence to invest and proving the NT Government’s Bringing Forward Discovery initiative to attract exploration and investment to the Territory is delivering very real results,’ Mr Vatskalis said.
Mining now contributes around 25 per cent to the territory economy, over four times the national average.