News

Government-operated facilities deliver $166b in export income for WA State Government-operated ports in the Pilbara have again achieved record annual throughput with key commodity iron ore responsible for the lion’s share of $166 billion in export income for the State. Existing port users — BHP, Fortescue Metals Group and Roy Hill — were each allocated a 25 per cent increase in capacity while Hancock Prospecting and Mineral Resources were given the nod to jointly develop a new iron ore export facility at Stanley Point berth 3 at South West Creek. The world’s biggest bulk export port, Port Hedland, was responsible for the majority of the increase with throughput rising from 546Mt to 561Mt.

Australia’s trade surplus hit a record $16 billion in May bolstered by surging demand and record prices for commodities, including coal and gas, though fuel imports also jumped 23 per cent amid soaring global energy prices. “In dollar terms the value of coal exports were larger than the value of iron ore exports in May for the first time since April 2009,” Commonwealth Bank senior economist Belinda Allen said. “Both thermal coal and LNG are both used as an energy source globally and sanctions against Russia are having a large impact.” In addition to the strong May result, coal export earnings were revised higher for April, up by $2.9bn.

WA’s gas & ore continues to boost national ledger. Western Australian LNG and iron ore has again helped drive Australia’s trade balance to another record surplus in May. The higher than expected surplus of $15.97 billion, up $2.7b on the previous month, was driven by rising prices for coal and LNG exports, as well as continuing robust demand for iron ore. Economists said the figure, which represented the 53rd successive month of surpluses, reflected the underlying health of the Australian economy.

MINING companies will be slugged six times as much as the Queensland government rakes in billions in forecast royalties, a new analysis reveals. The new royalty regime adds three tiers to the existing tiered structure, with the top rate being raised from a 15 per cent tax to a 40 per cent hit. Royalties are levied against revenue, not profit, which means company costs and future investments are not taken into consideration.“The Australian mining industry always pays its fair share of tax, while providing royalties to state governments to pay for improved roads, hospitals and other infrastructure and services,” Ms Constable said.

Hancock Prospecting’s executive chairman, the Hon Dr Gina Rinehart AO, was announced as the recipient of the Lifetime Achievement Award at the 2021 Prospect Awards. The Lifetime Achievement award recognises an individual who has contributed to the mining industry through their entire career. It is the most prestigious individual recognition award within the Prospect Awards and is determined through recommendations made by the judging panel. “On accepting this award I’d like to pay tribute to everyone in our industry. We are at our core nationbuilding, mining is the backbone of Australia,” Rinehart said. “When mining does well, so does Australia.” Hancock’s majority-owned Roy Hill was also recognised on the night, winning Australian Mine of the Year and Hard Rock Mine of the Year. “Let’s celebrate that mining contributes more to our nation than any other industry.”

Handing down his second state budget as Treasurer, Premier Mark McGowan proudly showed off an Apple Wallet with a balance of $5.7bn. The eye watering operating budget surplus is not the biggest in history. Last year the state – better known for shunning visitors and stunning sunsets – banked $5.8bn as the rest of the country was in and out of Covid lockdowns. Where did WA find all that cash? In the ground and from around Australia. Iron ore keeps WA’s books in the black.

The vast Pilbara region in WA’s north has an annual economic output of more than $100 billion but in the coastal town of Port Hedland locals complain it’s a struggle to find a decent venue for dinner. Mr Carter said the lack of amenities was “absurd” given how much Port Hedland contributed to WA and the national economy. It’s an irony that has led many, including Deputy Prime Minister Barnaby Joyce, to ask why such a lucrative region is home to so few people and so few amenities.”We believe it’s untenable that in the 4,000 kilometres between Perth and Darwin don’t have a city of 100,000 people,” Barnaby Joyce told parliament this year.”We are investing in Port Hedland which, by tonnage is the biggest export port in the world … Port Hedland, though, has a population of merely 15,000 people. “We need areas such as this to become the Gladstones and the Newcastles of our north-west.”