‘Booming’ gold mining, gas fracking key in plan to reverse NT’s $11b debt
- The Northern Territory government is working to reduce its $11 billion debt by creating a more attractive environment for major industrial and mining investments.
- Significant energy projects, such as the Beetaloo Basin gas project, are being advanced to support Australia’s long-term energy supply and power future data centres.
- The regional economy is being bolstered by the revival of gold mining operations and progress on key rare earths and copper projects.
Northern Territory Treasurer Bill Yan is signaling a shift in the region’s economic fortunes, pointing to a surge in mining and energy projects as the key to tackling the Territory’s $11 billion debt. Two years into a mandate to rebuild a struggling economy, the Country Liberal Party (CLP) government claims to have stabilized debt growth forecasts while transforming the NT into a more attractive destination for major industrial investment.
Mr. Yan emphasized that the government’s primary role is to foster a business-friendly climate that encourages growth. “What we’re doing as a government is making sure we provide those opportunities and environment where investors want to come here and not get in their way,” he told the ABC.
A cornerstone of this strategy is the Beetaloo Basin gas project, which is scheduled to begin pumping gas to Darwin as early as next week. Mr. Yan expressed high ambitions for the project, suggesting it could potentially secure Australia’s energy needs for the next two centuries. Looking ahead, the government plans to assist industry in mapping out the infrastructure required to transport water and gas from the basin to power future developments, such as data centers.
The Treasurer also credited the HomeGrown Territory Grant housing scheme and progress on eight major mining projects for the improved fiscal outlook. Among these is the Nolans Rare Earths Project in Central Australia, which reached a critical final investment decision in May—a development Mr. Yan described as “huge news” for the region’s economy.
The Territory is also capitalizing on a modern “gold rush.” Chinese-financed firm Hanking Gold is currently reviving the mothballed Mount Bundy mine south of Darwin. With gold prices soaring, analysts predict the mine will return a profit within its first year of production. Furthermore, KGL Resources is nearing a final investment decision for its Jervois Copper Project, adding further momentum to the Territory’s industrial revival.
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Original article and photo by "ABC News"
