Photo by: Reuters
PERTH (miningweekly.com) – New data by the Australian Bureau of Statistics (ABS) and the latest edition of Geoscience Australia’s publication ‘Australia’s Identified Mineral Resources (AIMR)’, has shown that the resource sector continues to deliver value for Australia.
The ABS this week revealed that in 2018, pre-tax profits from Australian resources companies increased to a record A$81-billion, and accounted for up to 33% of all company profits in Australia.
Meanwhile, the AIMR, which analyses data collected from the mining industry in 2017, showed that mineral exports in that year earned Australia A$179-billion, with mining making up 8.1% of Australia’s total gross domestic product.
Iron-ore earned A$63-billion in exports during 2017, with black coal earning a further A$57-billion, gold some A$17-billion and bauxite/alumina/alumina a further A$12-billion. Australian copper exports also accounted for A$8-billion.
“After growing significantly in 2016, export earnings grew a further 19% in 2017, with major commodities such as iron-ore, coal, gold, aluminium and copper contributed $157-billion of the total,” Resources Minister Matt Canavan said on Tuesday.
“This annual report reveals trends in reserve estimates, resource estimates and mine production over the past 40 years. We know that mineral resources have been a mainstay of our economy for many years and the latest AIMR figures confirm the sector is still essential to Australia’s growth.”
Canavan said the report is also an important asset for the future of Australia’s resources industry.
“One of this year’s insights was an increase to the long-term potential for platinum group elements, critical for industrial applications across the globe. This shows companies could benefit from further investment in the capture of critical minerals.
“Also putting us in a good position in the global market is that Australia holds the largest identified resources of nine valuable commodities, including gold, iron-ore, zircon and zinc.”
The Minister said that the report provided a strong evidence base for the development of government policy and the continued management of Australia’s valuable mineral resources.
“While our most recent figures remain positive, AIMR also shows that continued investment in Australian resources is key to our industry remaining a leader in the global market.
“With over 300 operating mines producing 26 major and minor mineral commodities, Australia remains one of the best locations for investing in mineral resources.”