Business Bulletin: 20 June 2024

Large scale gold mining is set to recommence in Tennant Creek with Tennant Mining commencing construction on it Nobles Gold Mine Project.

The project is expected to be worth $69.9 million to the Northern Territory economy each year.

Civil works are now underway the Nobles Gold Mine Project, with construction and commissioning to be completed in the second quarter of 2025. Gold production is expected to commence in the third quarter of 2025

The gold industry in the Territory has an estimated production value of $2.2 billion in the 2022-2023 financial year.

Tennant Mining’s project is forecast to produce an average 65 000 ounces of gold yearly, with the precious metal currently sitting above $3,500 per ounce.

The first phase of the project is expected to extend over a period of 8 years, with an ongoing exploration program across the Tennant Creek Mineral Field extending its lifespan to more than 15 years.

Tennant Mining is also building a gold processing facility about 14km outside Tennant Creek, which will enable the god to be mined and processed onsite ready for market.

The $94 million project is expected to create more than 80 new working opportunities for Territorians during construction and more than 160 ongoing jobs after operations ramp up over the first two years of production.

Support for our local exporters has been increased with the Territory Government securing the delivery of TradeStart services in the Territory for the next 4 years.

Mr Iain Forrest has been delivering the services for the past 12 months and will continue as the Northern Territory based TradeStart Advisor.

This ongoing appointment means Territory businesses will continue to have access to Austrade’s global network and resources, providing businesses with expert advice, connections to customers in overseas markets, and insights to help local businesses develop their export markets.

Co-funded between the Australian and Northern Territory Government’s, the program will help small and medium businesses sell their products and services overseas.

The benefit of the network means Territory businesses will gain assistance in developing their export capacity, increasing international trade which will help attract new investment and create local jobs.

TradeStart provides an opportunity for the Territory Government to work more closely with other key agencies and stakeholders to better co-ordinate export assistance and maximise international success for Territory businesses.

Last month, 12 Territory businesses accessed support through the Global Trade Scheme to participate in Australia’s largest tourism industry event, the Australian Tourism Exchange (ATE).

ATE brings together Australian tourism businesses with global distribution partners to conduct scheduled business appointments and participate in key networking events.

The 4 day event saw 1,500 Australian seller delegates and 700 buyer delegates from over 30 countries converge in Melbourne.

Having our Territory’s tourism operators at ATE 2024 provided a unique opportunity to showcase their businesses and products to international buyers, promote the Territory’s unique offerings to the world and drive tourism export sales.

Export ready businesses can access support through the Territory Government’s Global Trade Scheme to attend major industry events like ATE 2024.

The grant program includes three streams of support for businesses that are at the beginning of their export journey and for export ready businesses wanting to grow and expand into new markets.

The Global Trade Scheme has been designed to ensure Territory businesses remain competitive and well positioned to take advantage of new opportunities in the global market.

For more information and to apply visit: nt.gov.au/global-trade-scheme

ABDP grant recipient Derryn Dean

The Aboriginal Business Development Program (ABDP) has been refreshed to better support start-ups and established Aboriginal businesses grow in the Territory.

Under the ABDP eligible businesses can access up to $30,000 in funding to undertake activities such as purchasing assets, receiving professional or specialised services and training.

The frequency in which businesses can access the ABDP has changed to once every 3 years. A 20% co-contribution will be required when a business accesses the ABDP program again after this period.

These changes will mean more businesses will be able to access the ABDP which will enable greater diversity and growth within the Territory’s business community.

Last year Alice Springs Carpenter Derryn Dean accessed the ABDP to help set up his own business Level Carpentry. The grant enabled Derryn to purchase tools, equipment, signage and a trailer.

“Leaving a steady job to go into business on my own was scary but with the assistance of the Territory Government’s Small Business Champion I was able to get help with the ABDP grant and set up my own business.”

Under the refreshed ABDP, businesses will be able to get guidance from the Small Business Champions team or a Program Partner to help with the development of their online GrantsNT application. This support will assist in optimising their funding to take their enterprise to the next level.

If you are interested in becoming a Program Partner, please submit an Expression of Interest by emailing: Business.Strategy@nt.gov.au

For further information and to apply for the ABDP grant funding visit nt.gov.au/abdp

The Department of Industry, Tourism and Trade is seeking feedback on the Mineral Titles Act 2010 and Mineral Titles Regulations 2011.

The Act establishes the legislative regime for the grant of mineral titles in the Northern Territory which allow for the exploration, extraction and processing of minerals and extractive minerals.

Since its commencement in 2011 the Act has operated effectively, however a number of technical and administrative issues have been highlighted for rectification, aimed at providing clarity and reduce administration for both industry and government.

The proposed changes to the Act will enhance the efficiency, transparency and sustainability of the mineral titles' framework designed to encourage meaningful activity and sustainable resource development.

The proposed changes to the Act would achieve a number of recommendations from the Mineral Development Taskforce Final Report and is critical to securing a $40 billion economy by 2030.

The department is looking to hear back from a broad cross section of the community including exploration companies, industry representatives, associations and operators, mining tenement organisation, fossickers, local councils, pastoralists, environmental and aboriginal organisations.

Public comment is open now and closes at 5pm, Tuesday 13 August 2024.

To read the discussion paper and submit your feedback, go to - https://haveyoursay.nt.gov.au/mineral-titles-discussion-paper