In the financial year 2024, the value added by the mining industry in Australia amounted to approximately billion Australian dollars. The country’s mining industry includes the exploration and mining of gold, silver, iron ore, and coal reserves, among many other resources.
Mining production boom
Australia has one of the largest coal reserves in the world, with coal mined in every state. Coal production has continued to increase over the past years. Similarly, the production volume of iron ore has remained high. The largest iron ore mines in the country are located in Western Australia. Furthermore, spending on gold exploration continues to be significant, although slightly declining in recent quarters.
Demand for Australian metals and minerals
The export value of Australian coal peaked in 2023, with Australia being one of the leading coal exporting countries globally. The export value of gold was expected to remain relatively stable over the next few years, with a slight decline forecasted. Demand for Australian gold has been dominated by Hong Kong and China, with prices remaining high.
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