Boost to Exploration Opportunities

WILLEM VAN HOLTHE
MINISTER FOR MINES AND ENERGY

The Minister for Mines and Energy Willem Westra van Holthe is today travelling to Korea and Japan to lead a minerals and energy delegation.

Mr Westra van Holthe said the primary purpose of the delegation was to provide a platform to promote opportunities for South Korean and Japanese investment in Northern Territory minerals and energy exploration projects.

“This will also provide a fantastic opportunity to prove that the Northern Territory is open for business and is willing to be a trusted, long-term and stable supplier of resources to these countries,” Mr Westra van Holthe said.

“Budget 2014-15 has committed $23.8 million over four years towards an ongoing program to assist exploration companies to discover new resources and to encourage minerals exploration in the Territory.

“This year's Creating Opportunity for Resource Exploration (CORE) initiative provides an enhanced program to understand and promote not only the mineral but importantly the petroleum resources of the NT.

“The initiative includes continuation of existing successful programs under the previous initiative, but also includes applying state-of-the-art geoscience to undertake the first rigorous assessments of the Territory’s shale gas and oil potential.

“CORE also includes $3 million over four years for collaborative industry funding grants to encourage exploration in areas of poorly understood geology as well improved access for industry to geoscientific and exploration information through online delivery of data and reports.”

Mr Westra van Holthe said much of the Northern Territory’s mineral potential was unexplored.

“The CORE initiative aims to find out what is beneath the surface and turn mineral potential into a reality,” Mr Westra van Holthe said.

“Included in the $23.8 mill the initiative is a four year, $8 million program to undertake geological assessments of the Territory’s shale gas potential and resources.”

Mr Westra van Holthe will be joined by five exploration companies with advanced projects in the Territory, and the delegation will meet with a large number of major Korean and Japanese corporations and investors.

“I am very excited about this trip, as I believe the opportunities will be hugely beneficial for the future prosperity of theNorthern Territory,” he said.

“Growing the mining sector to increase royalties is one of the most promising avenues for increasing the Territory’s self-generated revenue base.

“Opening new mines provides for real job opportunities for Territorians living in regional and remote parts of the Territory.

“In October last year, I became the first NT Minister for Mines and Energy to visit Japan and South Korea and this demonstration of commitment to the NT’s trade and investment relationship was highly regarded by officials in those countries and I am looking forward to further expandingthese relationships.”

Source: ProjectLink.com.au

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