- Write by:
-
Thursday, August 26, 2021 - 14:22:51
-
467 Visit
-
Print
Mining News Pro - New reforms introduced by the Australian Government are paving the way for the Northern Territory’s mining industry to grow and expand.
The Aboriginal Land Rights (Northern Territory) Amendment (Economic Empowerment) Bill 2021 reduces red tape for current and future mining enterprises.
It’s expected to make it easier to amend exploration licences and fosters more streamlined Traditional Owner discussions around proposed land uses.
The cornerstone of the bill is the establishment of the NT Aboriginal Investment Corporation (NTAIC), which will benefit First Nations enterprises by investing royalty equivalent funds from mining on Aboriginal lands.
An initial investment of $500 million will be made through NTAIC, to be followed on by $60 million a year for the first three years.
NTAIC will also receive ongoing funding to ensure decision making is conducted closer to the people it affects, making it more relevant and beneficial for those involved.
Minister for Indigenous Australians Ken Wyatt said the bill will be a boon both bureaucratically and economically for NT Indigenous mining endeavours.
“The reforms … reduce tape, by making mining and exploration licence processes easier while still preserving Traditional Owners’ rights, and provide greater certainty by strengthening township leasing arrangements,” he said.
“The effects of growing Aboriginal economies will flow across the NT economy, with more jobs and more business opportunities flowing from the investment. A conservative estimate shows a boost to Gross Regional Product in the NT to be $60 million each and every year out to 2029-30.
“More than 47 per cent of the Northern Territory is now Aboriginal land and Aboriginal Territorians, along with Indigenous peoples all over Australia, are seeking new ways to activate the social and economic potential that comes from this.”
Short Link:
https://www.miningnews.ir/En/News/615406
First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution ...
BHP has put South Africa and its mining sector on the spot. The $140 billion Australian group’s ambitious swoop on rival ...
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
No comments have been posted yet ...