Mining & Resources

Australia’s mining boom going strong

iron ore stock image

Industry data published in a new report show Australia’s mining boom is still going strong, Minister for Resources and Northern Australia Matt Canavan said.

Launching the latest edition of Geoscience Australia’s publication, Australia’s Identified Mineral Resources (AIMR) – which analyses data collected from the mining industry in 2017 – Minister Canavan said minerals exports in that year earned Australia $179 billion.

“After growing significantly in 2016, export earnings grew a further 19 per cent in 2017, with major commodities such as iron ore, coal, gold, aluminium and copper contributed $157 billion of the total.

“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.”

Minister Canavan said the report is also an important asset for the future of our resources industry.

“One of this year’s (2019) 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.

“This report provides a strong evidence base for the development of government policy and the continued management of our nation’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.

“That is why the Government has invested $100.5 million in the Exploring for the Future program, and has developed Australia’s first National Statement on Resources to ensure our resources sector remains the best in the world for generations to come.”

Source: Australian Government

Most Popular

Newsletter Signup

To Top