Economic stimulus ‘good news’ for mining juniors

Courtesy of Keith Pitt on Facebook.

Leaders of the resources sector have convened in Canberra to organise a plan against the impact of the coronavirus outbreak.

The Australian Government recently announced a stimulus package to boost the national economy, encouraging exploration and investment in the resources sector.

Minerals Council of Australia chief executive Tania Constable, who was present at the roundtable meeting, said the stimulus package was good news for junior miners.

“Australian mining contributes to national economic strength and is responsive and responsible, particularly during times of challenge,” she said.

“The industry’s advice to the government was that while COVID-19 (coronavirus disease 2019) was so far having only a minimal effect on site operations, there was no room for complacency and the need for the government and industry to work closely on monitoring and response was crucial.”

Minister for Resources, Water and Northern Australia Keith Pitt said it was clear resources exports were persisting, as companies activate contingency plans to ensure their supply chains were maintained despite Australia’s horror bushfire season.

Mining companies including Newcrest Mining, IGO and Western Areas achieved solid December quarter results last year.

“The key message I received is that the resources sector remains a reliable supplier to our major trading partners and will continue to underpin the Australian economy,” Pitt said.

“The Australian Government is continuing to deliver whatever assistance is needed to help states and communities recover.”

Leaders from Queensland Resources Council, South Australia Camber of Mining and Energy, Chamber of Minerals and Energy Western Australia, New South Wales Mining Council and Australian Petroleum Production and Exploration Association were present in the meeting.

The minister and industry leaders expect to meet again later this month.

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