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The global energy crisis has driven demand for Australian resources to all-time highs, with the country’s resource exports expected to hit a record of more than $400 billion, according to reports. Iron ore remains Australia’s most valuable export, with the new trade figures estimating its export earnings reached $133 billion for the year. Australia’s record resource export earnings have come as countries look to non-Russian sources of fuel, a situation Federal Resources Minister Madeleine King said highlighted Australia as a “stable and reliable” global supplier. However, King said those earnings were expected to decline as mines in Brazil lift production volumes and global demand slows. “The value of iron ore exports is expected to moderate further in 2023–24, as prices ease toward their historical average below US$100 a tonne,” she said.

The mining industry is the backbone of the Australian economy paying the highest average wages and contributing billions in taxes and royalties each year. The industry continues to pay the highest on average wages, the most company tax, delivers the most export revenue and was critical to supporting regions and communities, including providing 1.1 million jobs in the mining, mining equipment, technology and services sector.

Mining is going to be the big one for Albo because most of his inner-city supporters have never seen a mine and have been told since birth that all mining is bad because it means disturbing mother earth. The reality is, of course, quite different and that’s something Albo must explain to his Labor supporters and to the Green/Teals, starting with a few home truths about what it means to shift from fossil fuels to a renewables future which can’t happen without mining. A useful starting point on this journey of education for new members of the Australian Parliament is to spend time looking at one of the wind turbines which have popped up all around Canberra and ask a simple question: “what’s it made of?” Most of Blower’s readers know that a wind turbine is made of aluminium, steel, nickel, rare earths and a host of other metals which can only be supplied by miners.

The 2021 Australian Mining Prospect Awards were finally held in Brisbane following COVID-related delays. Roy Hill’s iron ore mine in the Pilbara has taken home Australian Mine of the Year at the 2021 Prospect Awards. The Hard Rock Mine of the Year also went to Roy Hill’s iron ore operation, while Hancock Prospecting executive chair Gina Rinehart was awarded the Lifetime Achievement Award. “Secondly, a huge congratulations to the other finalists iCutter Industries and Atlas Iron. This really is an award where everyone wins as this work is so important to not only the business and First Nation’s businesses but it’s creating a better Australia for everyone.

Royalties from iron ore to feed the steel mills of China have allowed Western Australia to emerge from the pandemic with a surplus while NSW and Victoria face years of growing debt. The mines in the Pilbara region will deliver Premier Mark McGowan $10.3 billion this financial year, allowing the resource state to record a $5.7 billion surplus and cut net debt for the third year running. The WA government earns more from iron ore than land tax, stamp duty and payroll tax combinedIron ore will deliver almost 90 per cent of WA’s royalty income, from mining and oil and gas extraction.

Iron ore has seen some impact from the Russian conflict with Ukraine, mainly centred around expectations of tighter steel markets as buyers self-sanction purchases from Russia. That has led to the expectation that steel mills in Asia will produce more in order to make up for lost Russian supplies. Iron ore is Australia’s biggest commodity earner. While this is expected to remain the case, the government actually expects revenue from the steel raw material to drop this fiscal year compared to last. Iron ore export earnings are forecast at A$135 billion for the 2021-22 year, down from A$158 billion in 2020-21, with lower prices the culprit given that volumes are expected to rise to 897 million tonnes from 867 million.

A global energy crunch resulting in soaring demand for gas, coal and oil has lifted the forecast for Australia’s resources and energy export earnings, now tipped to hit a record $425 billion this financial year. “In short, our resources sector is knocking it out of the park and underpinning our economic growth, our energy security and our national security,” Mr Pitt said. “Critical global shortages in energy and resource commodities have led to record prices for many of our commodities.”

“CME is extremely proud of the way WA mining and resources has been able to operate both safely and effectively during the pandemic, and we’re extremely grateful for the hard work, professionalism and dedication of our workforce.” Carruthers also added that the total sector-wide economic contribution was likely much more than $100 billion due to the supply chain.“More than $10.98 billion was contributed in State Government payments, with more than $24.21 billion contributed to the Federal Government.”