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Boom Time Ahead for Miners

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According to the Australian Bureau of Agricultural and Resource Economics (ABARE), next financial year is going to be boom time for the miners. ABARE expects the mining and energy exports to come to about $170 billion in 2010-11.

This is about 28% higher than what it was last year. This increase is likely to come about due to the rise in coal and iron prices. ABARE attributes the rise to the impact of Chinese demand which scores over the debt crisis in Europe.

The iron ore prices are likely to rise highest with an estimated 47% increase in 2010-11. The price of the mineral has almost tripled since the year 2005. Coal prices are also forecast to rise about 40%.

The key companies to gain in this scenario will be Rio Tinto, BHP Billiton, and Fortescue Metals Group. The proposed RSPT is also likely to raise $12 billion in its first two years from 2012 for the government.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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