April 29 NT Business Updates

The Northern Territory is buzzing with exciting business news, with major developments in the local economy and resources sector making headlines.

The NT Government has signed a memorandum of understanding with South Korea for international mining prospects, marking a significant step towards resource security and boosting trade relationships. The agreement with Korea Mine Rehabilitation and Minerals Resources Corp aims to bring mutual benefits to both regions, with South Korea now the NT’s fourth biggest trading partner. This comes after key industry leaders gathered in Darwin to discuss opportunities in the critical minerals sector.

In local business news, NT Major Events has received an additional $4 million in funding to attract more tourists during the upcoming Dry season. This boost will support local businesses and help generate more events in the Territory, following the success of last year’s financial rewards.

However, not all news is positive as South32’s Gemco mine is facing a period of closure due to Cyclone Megan. The mine suffered disruption when a bulk cargo ship crashed into the wharf during the cyclone, impacting export operations. Despite the challenges, the company is working towards recommencing export sales in the third quarter of the 2025 financial year.

On a brighter note, Empire Energy is closer to selling its first gas next year after a successful capital raise of $46.8 million. With backing from US investors, the company is now funded to drill a new test well and progress engineering for the installation of Carpentaria Pilot Project surface facilities.

Overall, the Northern Territory is experiencing a mix of challenges and opportunities in its business landscape, with exciting developments on the horizon.