The Lawler Labor Government is getting the Territory working through the Middle Arm Sustainable Development Precinct, a precinct set to transform the NT's Energy market and economy.
The cornerstone project just took another step forwards, with one of its key proponents signing an agreement with a Fortune Global 500 company.
Tivan, whose headquarters are in Darwin, have formed a strategic alliance with Japanese giant Sumitomo Corporation to drive the development and financing on Tivan's Speewah Project.
The Speewah project, located in East Kimberley region, is planned to produce vanadium oxides to supply the Middle Arm Development Precinct - creating a local supply chain for Vanadium Redox Flow Batteries (VRFB). VRFB are an optimal long duration energy storage solution, with a lifespan of over 20 years, suitable for large-scale integration with the Territory's world class solar and gas resources.
This landmark agreement follows a big week in the Territory resources sector, including Top End Energy being granted a petroleum exploration permit in the McArthur Basin and Tamboran Resources expanding their development in the Beetloo Sub-Basin by 15 new wells.
Gas extracted from the Beetaloo Sub-Basin has the potential to support 13,000 jobs by 2040 and increase the Northern Territory's economic activity by $17 billion.
At the same time, The Middle Arm Sustainable Development Precinct will boost our economy with 20,000 jobs for Territorians - providing work opportunities in Darwin and right up and down the Stuart Highway.
Quotes attributed to Chief Minister, Eva Lawler:
"The Lawler Labor Government remains focused on securing investment opportunities and getting the Territory working.
"The Middle Arm Sustainable Development Precinct will deliver 20,000 high paying, reliable jobs for Territorians and today I congratulate Tivan on their alliance with Sumitomo Corp.
"My common sense play for the Territory's future will see Territorians fill those high paying roles first, it will also see our power prices go down through securing our energy resources and it will deliver a $17 billion boost to our economy.
Quotes attributed to Minister for Mining, Mark Monaghan:
"It is the Lawler Government which has positioned us to be a key player in the worlds race for critical minerals and it will be the Lawler Government to deliver a $17 billion economy boom to the Territory.
"This is huge news for Tivan and the Middle Arm Sustainable development precinct and I look forward to working with them long into the future.
Quotes attributed to Executive Chairman of Tivan, Grant Wilson:
"The NT Government has been steadfast in their support of Tivan Limited as we turned the company around over the past 18 months. Our Strategic Alliance with Sumitomo Corporation, enables us to progress our strategic goals with confidence, including at the Middle Arm Sustainable Development Precinct.
We are looking forward to appearing at the Senate inquiry in Canberra later this month to advocate strongly for the Precinct and the important role it has to play in a sustainable future for all Territorians."
Northern Territory Government
