Global future of Australian mining
The CEO of the Minerals Council of Australia, Mitchell H. Hooke, recently gave
an address at the First International Future Mining Conference & Exhibition
in Sydney, on the topic of Re-establishing Australia as a Global Supplier
of Minerals. According to Hooke, the Australian minerals sector is in a
good position to weather the global economic storm, and capitalise on what he
terms the "re-correction" in the market. Hooke argues that there is an
opportunity for both government and private sector organisations to use this
market slowing to invest in projects that will remedy the supply capacity
constraints the industry has faced in the past, and pave the way for future
growth when demand for resources kicks back into overdrive.
In his address, Hookes also highlighted some interesting facts and figures about the Australian minerals export market. According to Hookes, Australia is now less dependent on OECD export markets than it used to be thanks to increased diversity of exports into Asia, and while Japan remains an important market, accounting for more than 40% of Australia's total coal exports and just less than 40% of iron ore and aluminium exports, China is quickly becoming Australia's major iron ore export market, increasing from a 5 to 20% share of all Australian minerals between 1997 and 2007.
With these factors in mind and what Hookes argues is the "largely uncontested" fundamentals that underpin the super-cycle of resource demand, he predicts that if the Australian minerals sector is able to capitalise on the downturn by addressing supply capacity, mining and minerals organisations should be well positioned for future growth.
In his address, Hookes also highlighted some interesting facts and figures about the Australian minerals export market. According to Hookes, Australia is now less dependent on OECD export markets than it used to be thanks to increased diversity of exports into Asia, and while Japan remains an important market, accounting for more than 40% of Australia's total coal exports and just less than 40% of iron ore and aluminium exports, China is quickly becoming Australia's major iron ore export market, increasing from a 5 to 20% share of all Australian minerals between 1997 and 2007.
With these factors in mind and what Hookes argues is the "largely uncontested" fundamentals that underpin the super-cycle of resource demand, he predicts that if the Australian minerals sector is able to capitalise on the downturn by addressing supply capacity, mining and minerals organisations should be well positioned for future growth.
