Economic & Industrial

Qld miners propping up economy

Qld miners propping up economy
Mining News Pro - The Queensland resources sector is continuing to support the state’s economy through revenue generation and employment as it works through its Covid-19 response.

The resources sector accounted for more than 80% of exports for the past 12 months to the period ending April, with coal still tracking as the state’s largest exporter, despite an 8.8% drop compared with the previous corresponding period.

Coal exports in the 12 months under review were worth some A$33.6-billion, down by A$3.2-billion on the previous 12 months.

“Mineral exports were up almost 7% or an additional A$550-million,” Queensland Resources Council (QRC) CEO Ian Macfarlane said, quoting figures from the Queensland Treasury.

“The latest data shows the resource sector has delivered more than A$65-billion in exports over the last 12 months or A$1.25-billion every week.

“When the resources industry is working, Queenslanders are earning and Queensland is exporting.”

Meanwhile, a QRC survey of the state’s top resource leaders in May found strong momentum in employment growth over the next 12 months.

“Every resource job matters and our sector is doing the heavy lifting with the state’s employment with 63% of the companies surveyed maintaining or growing workforces while 5% were expecting to increase employment numbers significantly,” Macfarlane said.

“Queensland’s coal and mineral miners were in a substantially better position going into the Covid-19 crisis than the previous commodity price lows five years ago with 50% of companies expecting operations to remain in the lowest cost quartile and nearly 90% sitting in the bottom half of the cost curve.

“Costs in Queensland’s oil and gas industry have crept higher with all operations remaining in the top half of the cost curve and three-quarters in the highest cost quartile.

“Part of the sector’s success was its immediate response to the crisis and its ability to work with all levels of government to protect the public health of the communities in which we operate by strictly adhering to the advice of the State’s Chief Health Officer and implementing further measures.”

Macfarlane noted that more than 70% of QRC members said the Queensland government had performed well or exceptionally well when compared to other Australian jurisdictions and when compared to international jurisdictions 83% said the government had performed well or exceptionally well.

“Concerns weighing on the sector include contractions in the global economy, raising capital and the health impacts of the coronavirus around the world.

“Sentiment amongst companies towards the global economy dropped a further 19% to a record low from the previous report.”

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