Boom Time Ahead for Miners

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

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Boom Time Ahead for Miners. AZoMining. Retrieved on November 21, 2019 from https://www.azomining.com/News.aspx?newsID=53.

  • MLA

    Scanlon, Joel. "Boom Time Ahead for Miners". AZoMining. 21 November 2019. <https://www.azomining.com/News.aspx?newsID=53>.

  • Chicago

    Scanlon, Joel. "Boom Time Ahead for Miners". AZoMining. https://www.azomining.com/News.aspx?newsID=53. (accessed November 21, 2019).

  • Harvard

    Scanlon, Joel. 2019. Boom Time Ahead for Miners. AZoMining, viewed 21 November 2019, https://www.azomining.com/News.aspx?newsID=53.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit