Co-Funding Exploration Programs to Support the Mining Sector

18 May 2018

NT Government: Applications for the first grants program - Geophysics and Drilling Collaborations - under the Territory Labor Government’s $26 million Resourcing the Territory initiative are now open.

Minister for Primary Industry and Resources, Ken Vowles, said the program will provide collaborative funding for the costs of drilling in areas of the Territory where there is a lack of geological information.

“The resources sector is a major driver of our economy and employs more than 4000 people,” Mr Vowles said. “The Territory Labor Government is supporting the development of the industry through this initiative.

“The Geophysics and Drilling Collaborations program will help fill the gaps in our knowledge about the resources potential of certain areas, which could open them up for development and create jobs.”

The program provides co-funding of up to 50 per cent, to a maximum of $125,000 for diamond drilling programs and $100,000 for non-diamond drilling programs and geophysical surveys.

“Diamond drilling is more valuable as it produces a solid core of rock that provides the most geological information,” Mr Vowles said. “The cores are kept by the NT Government for further analysis and to add to our knowledge bank.”

The Geophysics and Collaborations program has been running for 11 years, but this year it has been enhanced to encourage more exploration and create more Territory jobs.

“Total funding has increased from $750,000 to $1 million, and non-diamond drilling programs are eligible for co-funding for the first time,” Mr Vowles said. “The program has also been re-designed to maximise local industry participation by making service and supply by NT-based companies eligible for co-funding.

“These changes were made based on feedback from explorers as part of an independent review into the Territory’s exploration initiatives.”

The funding is for programs undertaken in 2018 and applications close on 24 May, 2018. Visit www.minerals.nt.gov.au/collaborations

 

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Source:  Northern Territory Government - www.newsroom.nt.gov.au

Contact: Media Contact: Leanne Hudson 0427 687 079

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