Mining takings set to break records

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Easing commodity prices have downgraded Australia’s mining takings but the figures are still on track to break records.

The latest forecast from the Bureau of Resources and Energy Economics says the boom will roll on next year, with resources earnings set to rise 15 per cent to a record $206 billion.

The growth will be driven primarily by rising iron ore and coal production, as well as higher gold prices.

While still a record prediction the figure is four per cent lower than the earlier $215 billion forecast.

In the report BREE executive director Quentin Grafton said the fundamentals of Australian mining continued to hold up despite a shaky world economy.

"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 said.

Despite a declining market price over the last few months iron ore earnings are set to grow by 11 per cent to $60 billion.

And in a sign the world is yet to make any decisive move away from fossil fuels thermal coal takings will grow 34 per cent to $19 billion.

But the big winner will be gold, with its export earnings soaring by 45 per cent to $19 billion.

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