Territory in a hole over mining

4 March 2019

Mining executives around the world have shown more faith in investing in places like Chile, Peru, and Fiji over the resource-rich Northern Territory, a respected mining survey released today has shown.

The Fraser Institute Annual Survey of Mining Companies 2018 of about 2600 individuals in the mining industry around the world, puts the Northern Territory in the bottom percentile for investment attractiveness, confidence, and policy perception.

Leader of the Opposition Gary Higgins said the Labor Government was stalling economic development by reviewing every piece of legislation that affects mining including management plans, environmental legislation, water access and charges. As well, Labor has implemented the world’s worst hybrid mining tax.

"When all the rules of the game are under review, it creates tremendous uncertainty which is both unwise, and unnecessary," Mr Higgins said.

"This survey is the premier survey for investment professionals. This is the survey that counts and we are going backwards. This is the worst possible result at the worst possible time. The Northern Territory economy is in crisis. This is the worst possible news for Territorians.

"We need to be competitive nationally and internationally, and our competitiveness is getting worse. We need to turn this around."

Key Findings include:

- NT ranked 23/83 for investment attractiveness, falling from 21/109 in 2015

- 80 per cent of people surveyed indicated the time for permit approvals in the Territory had lengthened somewhat or considerably

- the worst performer in the country

- Northern Territory ranked in the bottom half for uncertainty concerning environmental regulations