The Northern Territory is fast becoming a key player in the world’s race for critical minerals.
With 17 of the globes critical minerals here in the Territory, this week key industry leaders and representatives from Australia, Japan, the Republic of Korea and the United States gathered in Darwin to discuss critical mineral production, supply chain resilience and economic security, with a key South Korean Government corporation signing a Memorandum of Understanding also taking place.
The Korea Mine Rehabilitation and Minerals Resources Corporation (KOMIR) is South Korea’s agency which oversees resource security and international mining opportunities. The landmark Memorandum of Understanding with the Territory Labor Government establishes a comprehensive framework for cooperation based on mutual benefit, and is a significant milestone which further strengthens trade relationships between the Northern Territory and our 4th largest training partner.
A huge driver of the economy, the total value of mineral production in the Northern Territory was $4.86 billion last year, with 4,400 people employed within the industry.
The demand for critical minerals in the Northern Territory is expected to keep growing to support renewable energy, battery storage and high-technology industries, which makes the NT a reliable trading partner long into the future.
Quotes attributed to Chief Minister, Eva Lawler:
“The Territory Labor Government is securing the NT’s economic future through strategic partnerships.
“We are breaking through as a leader in the critical mineral sector and the Territory Labor Government is well placed to capitalise on the world’s need for our minerals.
“By strengthening our collaboration with key trading partners like South Korea, we will create more working opportunities for people right across the Northern Territory.
Quotes attributed to Minister for Mining, Mark Monaghan:
“South Korea is a key trading partner with the Territory and this agreement will see our Government strengthen ties with country double the population of Australia.
“The Territory Labor Government is ensuring the Territory’s critical minerals are front of mind for South Koreans, with investment promotion for private South Korean companies to come to the Northern Territory now under way.”
Northern Territory Government
