Northern Australia contains most of the nation’s mineral wealth and over half its land mass. Despite this, it remains underdeveloped compared to the southeast and is home to only 5.2 per cent of the national population. This article charts the history and impact of mining capital in northern Australia in the six decades after the conclusion of World War II. It argues that extractive industry dominated by multinational capital has actively perpetuated northern Australia’s underdevelopment rather than driving regional prosperity.