Photo by: Reuters
PERTH (miningweekly.com) – Iron-ore has become the first commodity in Australia to break the A$100-billion annual export mark, Minister for Resources Keith Pitt said on Monday.
“Iron-ore exports in the 2019/20 financial year reached A$101.7-billion, which is a great achievement at a time when our economy needs all the support it can get,” Pitt said.
“It smashes the previous annual export benchmark of A$77.5-billion, also set by iron-ore in the previous financial year.
“The recent Resources Energy Quarterly revealed total industry exports will reach around A$293-billion for the 2019/20 financial year, despite the challenges posed by the global coronavirus pandemic.”
Pitt noted that while the industry was not immune to the economic downturn caused by Covid-19 it is still making an enormous contribution.
“The slowdown in industrial activity around the world is having an impact on coal and gas demand, however, they still managed to generate over A$7-billion in exports in June alone.
“Demand for both will return as we emerge from this pandemic and while some are using the downturn to make exaggerated claims about the future of some resources, the International Energy Agency confirms coal will remain a key player in energy generation for at least the next two decades.
“The resources sector has gone to extraordinary lengths to remain operating through the pandemic and ensure the safety of its workers and the communities where they operate.
“I thank all those resources workers who have adapted to the changing working environment and pull on their boots and put on their hard hats each day to keep the industry going to support our national economy at a time when it most needs them."