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Mining Will Continue to Drive Australian Economy in 2012

Iron ore prices are constantly rising and will fuel the Australian resources boom for at least one more year as per the Bureau of Resources and Energy Economics.

The chief commodities forecaster of the Australian federal government said that the export earnings from energy and minerals should rise 15% next year to $206 billion.

Out of this a record 460 million tones will be the export of iron ore. This is a 2.4% rise predicted for 2011-12. The rise is expected as the demand from China to make more steel is no where near ending. Miners all over the world, including in Australia are feeding this demand for iron ore and coal.

Mega projects lined up by Rio Tinto and BHP Billiton are going to supply the raw material for China and other Asian nations to grow. Besides iron ore the Bureau of Resources and Energy Economics said that 163 million tones of thermal coal will also be exported in 2011-12. This is not quite as large a leap as iron ore as in 2010-11 the export was pegged at 155 million tones.

Bureau of Resources and Energy Economics’ executive director and chief economist, Quentin Grafton said that despite the uncertainty surrounding the outlook for some European economies, Australia’s export volumes for most commodities have remained strong in the second half of 2011, while prices for many commodities have remained at historically high levels. He added that the increase in iron ore and thermal coal export volumes reflects recent expansions to mine and infrastructure capacity.

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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