Australia is set for record resource and energy export earnings in 2022-23, reaching a stunning $464 billion.
The Department of Industry, Science and Resources has published its latest quarterly update highlighting the milestone. The quarterly offers an overview of each resource (energy and otherwise) that Australia produces.
Here’s your snapshot of the primary commodities:
Global steel production is expected to rise in line with China’s reopening from Covid lockdowns and a renewed hunger for building and infrastructure.
Steel production growth will also be strong in India, the United States, South-East Asia and the Middle East.
Iron Ore went through a significant downturn (as steel’s base material) due to steel smelters closing down worldwide as the pandemic raged.
However, prices have recovered in early 2023, and growth is expected to align with China’s gradual reopening and strengthening demand.
Coal’s five-year forecast is heading south, and it’s believed that after recent strong earnings, global demand for coal is past its peak.
Coal prices are expected to ease by 2027-28 to around two-thirds of their current value.
Spurred on by the war in Ukraine, gas prices have gone through the roof and are forecast to remain high and volatile until 2025.
Australian LNG exports hit $91bn, which may, in turn, force the government to hit the sector with extra taxes in the federal budget.
Western Australia (WA), South Australia (SA), and for the first time, the Northern Territory (NT) have all featured in the top 10 of the Fraser Institutes mining survey.
Encompassing 62 mining regions worldwide, the study aims to detect a particular place’s overall investment appeal.
In late 2022, the survey recorded answers from 1,966 exploration, development, and other mining-related companies worldwide who reported exploration spending of US$1.90 billion combined.
Perhaps unsurprisingly, WA ranked strongly in position two, undoubtedly on the back of its real-world reputation as a prodigious mining state.
SA moved up one position to nine while increasing its Policy Perception Index (PPI) score to the third highest, up from its previous number of 16.
For the first time, and after facing a fairly scathing review of its mining policies, the NT squeezed into the top ten at position ten.
The NT also topped the table against the Best Practices Mineral Potential Index, with WA in third and Queensland in sixth place.
Ministers from the ranked states and territories were quick to talk up the results, lauding the mining and resources sector as a continued growth engine within their regions.
SA saw a decline in its Best Practices Index number from the previous year.
Making the news this week, GRT, in partnership with TotalEnergies, have celebrated the Queensland government’s new code of practice.
Relating to eliminating or minimising exposure to crystalline silica dust, the CoP is aimed at an array of industries from construction and mining to manufacturing and whose activities produce silica dust.
The decision’s broad aim is to protect workers from exposure to silica dust, a potentially deadly material.
A key focus will be dust control methods that prevent silica dust from being generated or released into the air.
These can include water suppression and on-tool dust extraction techniques.
GRT’s CEO, Troy Adams, added his thoughts to the announcement.
“Global Road Technology applauds the commencement this week of the new Code of Practice in Queensland as it aligns with our entire philosophy as a business to eliminate the spread of particulate pollution,” Troy said.
“This news is a further showcase of the growing awareness of the impacted companies around the dangers of particulate pollution and their need to work with partners to address this issue for the safety of their workers.”
Dust suppression is a central issue in the world of mining and resources.
Learn more about GRT’s industry-leading and IoT-connected SMART Dosing Units, and discover how we’re driving better dust suppression solutions for all!
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References:
https://www.industry.gov.au/publications/resources-and-energy-quarterly-march-2023
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2022.pdf.
https://www.australianmining.com.au/grt-totalenergies-welcome-new-dust-control-code-of-practice/
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