Business news from across the Northern Territory: Latest highlights include industry leaders discussing the opportunities presented by the Territory’s critical mineral sector, while the government has earmarked an additional $6 million for airlines and international marketing. Also making resource news is Everest Metals discovering major uranium targets and Kin Mining and PNX Metals merger creates a new business entity with a $123 million capitalization.
Local industry
Darwin Dialogue 2024 centres on critical minerals discussion with industry leaders
Key industry leaders from Australia, Japan, Korea, and the US discussed critical mineral production, supply chain resilience, and economic security during the Darwin Dialogue 2024, as demand for critical minerals is expected to quickly grow with the transition to renewables and battery storage, together with minerals’ essential roles in medicine and defence.
The Dialogue highlights the opportunities and strategic importance the Territory will play in the critical minerals supply chain for Australia and its global partners, the government said. The NT’s total mineral production reached $4.86 billion last year, employing 4,400 people.
The growing support for renewables, battery storage, and high-technology industries has presented substantial economic and strategic opportunities for the NT to be a reliable supplier of minerals to support the transition to a decarbonised economy, the government said.
“The Darwin Dialogue 2024 is an exclusive Track 1.5 initiative that brings together 60 leaders and key representatives from Australia, Japan, the Republic of Korea, the United States, the UK and India to discuss critical mineral production, supply chain resilience and economic security,” Chief Minister Eva Lawler said.
Tourism
$6 million boost for airlines and international marketing in 2024-25 budget
The NT Government said the tourism sector would receive $68 million in next month’s budget – up $6 million from last year. The additional $6m will be split evenly between international marketing, to woo back tourists from key markets such as China, and $3m towards cooperative marketing with airlines that have participated in the government’s Territory Aviation Attraction Scheme.
The $10 million aviation scheme, launched in July 2023, resulted in six new routes servicing the NT, with more capacity at Alice Springs, Uluru, and Darwin airports.
Recently, a $1 million funding pool was launched under the new round of the Aboriginal Tourism Grant Program to allow First Nations Territorians who want to share their culture, language, art and stories with local and international visitors to launch new products and services, and upgrade infrastructure.
Resources
Everest Metals discovers major uranium targets in NT
Everest Metals Corporation Ltd (EMC) announced widespread uranium and base metal targets within its Georgina and Amadeus projects in the NT. EMC said the advanced reprocessing of historical data led to the identification of a 50 km radiometric anomaly corridor and multiple magnetic targets.
The discovery now positions the company to prioritize exploration in the latter half of 2024. This discovery places the company at the top of potential uranium and sedimentary Cu-Pb-Zn mineralization in a region already noted for its mineral wealth.
https://www.tipranks.com/news/company-announcements/everest-metals-discovers-major-uranium-targets
Kin Mining and PNX Metals merger
Kin Mining’s acquisition of all issued PNX shares has created a new business entity with a capitalization of $123 million. It boasts a balance sheet with $89.6 million in cash and liquid investments, no debt and a diverse portfolio of mineral assets. The merger creates a diversified portfolio of quality mineral assets in Tier-1 jurisdictions across Australia.
The new entity will hold more than 1.4 million ounces (moz) of gold, 16.2 moz of silver and 177,000 tonnes of zinc in mineral resources, with significant potential for near-term expansion. The blend also brings multiple highly prospective gold, base metal and uranium prospects in Tier-1 jurisdictions.
“The combined entity will have unparalleled balance sheet strength, a dynamic management team comprising like-minded individuals from each company, and a fantastic exploration and growth pipeline in WA and the NT,” PNX executive chairman Graham Ascough said.
“PNX has an extensive and high-quality tenement portfolio in the Pine Creek region of the Northern Territory, one of Australia’s most prolific resource provinces,” KIN executive director Nicholas Anderson said.
https://www.mining-technology.com/news/kin-mining-and-pnx-metals/?cf-view
For some reason bottled water, mythical float planes and roads to non existent prawn farms spring to mind.