Northern Territory eyes stronger critical mineral ties with Japan, S. Korea

Image credit: Nicole Manison

The Northern Territory’s Deputy Chief Minister Nicole Manison is set to visit Japan and South Korea to strengthen international ties and promote foreign investments in the state’s critical minerals and energy sectors. 

The Northern Territory expects to receive backing from businesses and financiers from both countries, with a heavy focus on carbon capture, utilisation, storage, decarbonisation, and emerging technologies. 

These businesses include Japan’s INPEX, Bank for International Cooperation, Energy and Minerals National Cooperation and GE, and South Korea’s Posco Future M and Hyundai. 

Major industry leaders will join Mansion at specially arranged Australian Embassy-hosted events in both Tokyo and Seoul. 

Japan ranks as the Northern Territory’s largest trading partner, while South Korea is fourth, but there are significant opportunities to expand existing trade relationships and bring new major investment into the Northern Territory from both countries, the NT government said in a media release

“We are committed to growing the economy to $40 billion by 2030 by promoting the Territory’s natural advantages, investment opportunities and bringing new business to the Territory with our key trading partners,” Mansion said. 

Mansion’s visit to the Asian countries follows the inaugural 2023 Darwin Dialogue where key industry figures from Australia, Japan, and the United States met in Darwin to progress critical mineral production across northern Australia. 

 “The Northern Territory has the resource potential to be a major player when it comes to the global supply chain of critical minerals required for new and renewable energy technologies,” the deputy chief minister said. 

“There is an opportunity to reach new markets by aligning global demand with the Territory’s offerings in the critical minerals and renewable energy sectors, but I’m also there to ensure that we bring Japanese tourists back to the Territory by their thousands,” she added.