MINERAL INDUSTRIES – ECONOMIC ASPECTS – AUSTRALIA

BHP hits back: we paid for half of all hospitals

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 11-Sep-24

BHP’s Australia president Geraldine Slattery has released a statement which highlights the resources group’s economic contribution. She noted that BHP pays an adjusted tax rate of 32 per cent, which rises to 44 per cent when royalties are taken into account. Slattery added that governments in Australia received a total of $14.5bn from BHP in 2023-24, via taxes, royalties and other payments; she noted that this is about half of the federal government’s annual expenditure on public hospitals. Slattery’s comments follow recent animosity between Minerals Council of Australia CEO Tania Constable and the federal government over the latter’s industrial relations reforms.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MINERALS COUNCIL OF AUSTRALIA

Mining investment pipeline leaks $68bn a year

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Original article by Joe Kelly
The Australian – Page: 6 : 26-Apr-24

Data from the Minerals Council of Australia shows that the value of completed mining projects totalled $21.3bn in 2023, compared with $84bn in 2013. However, the resources project pipeline increased from just 244 in 2017 to 450 in 2023. The MCA’s analysis also shows that the value of resources projects that reached the construction stage totalled $75bn in 2023, down from $255bn in 2013. MCA CEO Tania Constable says government policy settings are responsible for a significant proportion of possible mining investment that is not going ahead.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA

Mining vital but public is ‘hostile’: Blainey

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Original article by Stewart Oldfield
The Australian Financial Review – Page: 3 : 15-Feb-23

Historian Geoffrey Blainey has emphasised the importance of the resources sector to the Australian economy. He says the current boom may be the "great mining period" in the nation’s history, and contends that the sector will remain critical to the economy for at least the next decade. Professor Blainey adds that public opinion towards mining is currently more hostile or indifferent than in any other decade in Australia’s history, while there is also political opposition to mining. He says more needs to be done to promote the mining sector’s contribution to the continuing strength of the Australian economy.

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Tax-slugged miners are bankrolling us all

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Original article by Geoff Chambers
The Australian – Page: 2 : 10-Mar-20

A report produced by KPMG on behalf of the Minerals Council of Australia highlights the importance of the mining sector to government revenue. It shows that corporate taxes and royalties have accounted for 39- 49 per cent of the sector’s earnings since 2011-12. MCA CEO Tania Constable says that on average, the minerals sector has paid more than $20bn in taxes and royalties annually over this period. She adds that the sector is helping to finance infrastructure projects and the salaries of public sector workers such as teachers and nurses.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, KPMG AUSTRALIA PTY LTD

Mining earnings heading for peak

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Original article by Sarah-Jane Tasker
The Australian – Page: 17 & 20 : 30-Sep-19

Resources Minister Matt Canavan says the latest Resources and Energy Quarterly report underlines the importance of mining to Australia’s economy, noting that the sector contributed a third of GDP growth in the June 2019 quarter. He has urged lenders to continue to provide financing for resources and energy projects, at a time when local mining companies intend to increase their annual investment expenditure for the first time in six years. The report forecasts that resources and energy exports will top $282bn in 2019-20, eclipsing the record $279bn in 2018-19.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Iron ore dive hits revenue expectations

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Original article by Paul Garvey
The Australian – Page: 19 & 22 : 7-Jul-17

Australia’s revenue from resource and energy exports will peak at $A205bn in 2016-17, according to revised forecasts from the Department of Industry, Innovation & ­Science. This is 4.6 per cent lower than it had forecast earlier in 2017, and the new forecast takes into account a sharp fall in the iron ore price in recent months. The department is bearish about the outlook for the steel input, forecasting that the benchmark price will fall to $US48 per tonne in 2018 and $US47 in 2019. It also anticipates a fall in the price of coking coal.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIAN BUREAU OF STATISTICS

Mining, energy exports tipped to top $200b

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Original article by Peter Ker
The Australian Financial Review – Page: 4 : 9-Jan-17

The office of the chief economist, Mark Cully, has released a report which forecasts that Australia’s mining and energy exports will reach a record $A203.9bn in 2016-17. This compares with just $A157.1bn in the previous financial year. The prices of key commodities such as iron ore and coal have rallied since a previous report had forecast that the value of mining and energy exports would total $A163.4bn in 2016-17. However, Cully expects the average price of both commodities to fall in 2017.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE. OFFICE OF THE CHIEF ECONOMIST, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BUREAU OF STATISTICS