Federal Government statistics have been released showing that Australia has the world’s largest identified resources in nine major mineral commodities.
The latest Australia’s Identified Mineral Resources (AIMR) report includes assessments of reserves and resources at operating mines and other deposits, evaluations of long-term trends for major commodities, and comparative world rankings for mineral resources.
It shows that Australia’s robust mining industry remains a world leader, keeping the country well placed as an attractive investment destination.
As at December 2016, Australia had the highest Economic Demonstrated Resources in the world for gold, iron ore, lead, nickel, rutile, tantalum, uranium, zinc and zircon. In 2017, Australia had 301 operating mines.
Australia is in the top five in the world as a producer of 20 out of 34 important commodities, including gold, bauxite, iron ore, rare earths, mineral sands, zinc, lead and coal.
“These commodities are essential for maintaining and powering our modern lifestyles and for building a high-tech future,” according to Geoscience Australia.
In 2016, Australia’s mineral exports (excluding petroleum) amounted to a value of more than $151 billion, the report stated.
This was almost 46 per cent of the value of all exported goods and services. In the 2016-17 financial year, mining accounted for 7.4 per cent of Australia’s gross domestic product.