Value added by the mining industry Australia FY 2012-2023

In the financial year 2023, the value added by the mining industry in Australia amounted to approximately 352.41 billion Australian dollars. The county’s mining industry includes the exploration and mining of gold, silver, iron ore, and coal reserves, among many other resources. 

Mining production boom

Australia has one of the largest coal reserves in the world, with coal mined in every state. Coal production has continued to increase over the past years. Similarly, the production volume of iron ore has remained high. The largest iron ore mine in the country is in Western Australia and operated by BHP. Furthermore, spending on gold exploration reached a high in 2019, indicating an increased production forecast for Australian gold.

Demand for Australian metals and minerals

The export value of Australian coal has almost doubled since 2010. In fact, Australia is the leading coal exporting country. Recently, increasing tensions between China and Australia have threatened the trade relationship in terms of coal. The export value of gold was expected to remain relatively stable over the next five years, with a slight decline forecasted. Demand for Australian gold has been dominated by Hong Kong and China, with prices continuing to remain high.