Queensland’s resources sector, guided by record liquefied natural gas (LNG) exports and high demand for coal, continues to underpin the state’s economy, according to Queensland Resources Council (QRC) chief executive Ian Macfarlane.
The Department of Industry, Innovation and Science has released its quarterly Resources and Energy report, detailing a rise in the value of Australian projects thanks to iron ore and LNG exports, as well as the tech metal boom.
An Australian Bureau of Statistics (ABS) report has revealed its latest international trade in goods and services figures (ending September 2017), and metal ores and mineral exports were up by $584 million, or 8 per cent, over the month.
Iron ore imports at the port of Port Hedland for July this year reached 135,000 tonnes, a 29 per cent increase from the same month in 2016.
Australia’s liquefied natural gas (LNG) exports are forecast to grow 22.6 per cent in the 2018 financial year.
Iron ore will average below $US50 a tonne next year and remain under that mark through 2019, according to the latest forecasts from the Department of Industry, Innovation and Science.
Queensland has recorded a $1.6 billion increase in exports, driven by the rising value of hard coking coal and liquefied natural gas exports.
Improved commodity prices are expected to push Australia’s mining and energy export earnings to a record in 2016-17, according to the Department of Industry, Innovation and Science.
The Hunter region has recorded rise in coal exports year on year, despite a drop in price.
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Federal MP Clive Palmer has spoken up about China’s new coal testing regime, recommending retaliatory action.
The price of iron ore is closing in on the $US60 a tonne mark after enjoying a surge of more than 5 per cent.
Fortescue Metals Group says comments made by its founder Andrew Forrest in relation to working with other companies to cap iron ore production were in line with the law.
The price of iron ore has fallen below $60 a tonne as China revised its growth forecast to just 7 per cent.
February was a busy month for the Pilbara Ports Authority which exported record tonnages of iron ore and set two new records.
Yancoal said the continuing low cost of coal has led the company to post a full year loss of $353.5 million.
A coal train derailment in the Hunter region could leave the track out of action until at least Friday.
An investment company out of the US has taken a 5 per cent stake in Fortescue Metals Group.
An economist has warned that the price of iron ore could fall to lows of $US30 a tonne.
The extra tonnages of iron ore the major miners are exporting is highlighted in official figures released by the Pilbara Port Authority.