Australia’s mining industry has fallen short of its global benchmark for productivity growth over the past decade.
But there’s hope for those who’ve been waiting for more than a decade to see results.
“We are seeing a huge rise in demand for energy-intensive production of coal, iron ore, gold and rare earth minerals in Australia,” said Mark Breslow, chief executive of the Australian Mining Industry Association (AMIA), a lobby group for the mining industry.
“The mining industry’s productivity growth is really high, and we need to continue to support the mining sector to achieve its full potential.”
Despite a long period of boom, Australia’s iron ore production has stalled over the last decade, which has contributed to a drop in mining employment.
The iron ore industry’s slump comes as global demand for minerals is falling.
According to a recent study, China is expected to overtake Australia as the world’s second largest market for mining and mineral resources in 2023.
But the drop in demand has also contributed to an overall decline in Australia’s overall mining output.
Over the past 10 years, the Australian mining industry lost almost 7 per cent of its workforce.
And Breswell expects that trend to continue as more of the country’s coal miners retire.
“In a nutshell, Australia is no longer in the business of producing iron ore and coal.
It’s now in the mining business,” he said.”
There are some mining companies that are still doing it but they’ve not been able to keep up with demand.”
It’s very difficult to sustain mining activity as demand drops.
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