- Write by:
-
Monday, September 28, 2020 - 4:58:37 PM
-
623 Visit
-
Print
Mining News Pro - Australia has pared its forecasts for mining and energy export revenue this year, as liquefied natural gas (LNG) and metallurgical coal earnings are forecast to be slightly weaker than earlier expected.
Total earnings from mining and energy exports are forecast to fall 12% in the year to June 2021 to A$256 billion ($180.71 billion) from a record high of A$290 billion a year earlier, the Department of Industry said in its latest quarterly report.
“In 2020-21, relatively weak resource and energy commodity prices — with the notable exception of gold and iron ore — and lower coal export volumes are expected to drive a sizable fall in export earnings,” the government said.
The forecast for 2020-21 is down A$7 billion from the government’s previous outlook in June because of weaker than expected energy exports and stronger than expected gains in the Australian dollar, it said.
Earnings from metallurgical coal are forecast to drop by a third to A$23 billion in 2020-21 on lower prices and weaker output from major miners. That is A$2 billion lower than the government’s previous outlook.
LNG revenue is expected to slump 35% to A$31 billion in 2020-21 from a year earlier. That is A$4 billion lower than the government’s previous forecast, partly due to problems at two of the country’s 10 LNG export projects.
Amid the collapse in global growth from the coronavirus pandemic, Australia’s resources earnings have been shored up by iron ore, helped by supply disruptions in Brazil caused by the pandemic and solid demand from China.
“There is little immediate prospect for a major change in these dynamics,” the government said.
It sees iron export earnings slipping to A$97 billion this year from last year’s record A$102 billion, with iron ore prices expected to fall from around $100 a tonne in the December quarter to around $80 a tonne by the end of 2021.
Short Link:
https://www.miningnews.ir/En/News/605541
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Researchers at the University of Edinburgh discovered that bacteria found in areas polluted by acid mine drainage had ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
No comments have been posted yet ...