Australia is Now the World’s Top Exporter of Lithium: Report

According to a new report from Australia’s federal government, the country’s resource and energy exports will total a record-breaking $250 billion this year.

A new report from the Australian federal government shows the country’s mining industry is on track to see a record-breaking $250 billion in exports this year.

Australia’s most recent Resources and Energy Quarterly report indicates that resource and energy exports will hit $250 billion in 2018/2019, though those numbers will likely simmer to $238 billion by 2019/2020. The drop off is expected based on predictions of lower consumption and rising production.

According to a government press release, Minister for Resources and Northern Australia Matt Canavan said Australia is now the world’s number one exporter of lithium, with the commodity now earning its own chapter in the report.

“The report says exports of spodumene ore, the precursor material for lithium, have risen from around $117 million in 2012 to $780 million in 2017, and are expected to rise to around $1.1 billion by 2020, and points out even greater value could be unlocked if Australia progresses in refining these ores into more valuable forms of lithium,” Canavan said in a statement.

However, Canavan said coal is still expected to be the country’s most profitable export in 2018/2019 at $61 billion, with fellow golden goose export iron ore coming in at $60 billion. The minister elaborated on coal’s position in the market, saying strong demand could see the commodity reclaim its top spot as Australia’s most profitable export.

“With strong demand and high prices for metallurgical coal, used in steel-making, it is expected to bring in $36 billion. Continuing strong demand from China and India in particular for thermal coal, used in power stations, will see it earn a record $25 billion,” he said.

“It is likely coal and iron ore will continue to fight it out for the title of Australia’s top export-earner in coming years, and this is great news for the Australian economy,” Canavan added.

Liquefied natural gas (LNG) exports are also expected to see major gains up to $48 billion, reflecting record investment by LNG companies in Australia.

“LNG is also performing strongly, with exports likely to increase in value by 54 per cent from $31 billion in 2017-18 to $48 billion in 2018-19 — driven by both higher export volumes and higher prices — before levelling out next year,” Canavan said.

“These are huge sums, and reflect the success and hard work of Australian exporters in supplying the growing Asian market,” he concluded.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

When Will Australia Legalise Recreational Cannabis?

Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?

So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.

Read on to learn more about when Australia may legalise recreational cannabis.

Keep reading... Show less

Data Review Enhances Prospectivity at Galan’s Greenbushes South Lithium Project

Highlights:

  • CSIRO’s historical datasets show prospectivity for Galan’s Greenbushes South Lithium Project
  • Historical laterite geochemistry data collected prior to mining at Greenbushes
  • Elevated abundances of pathfinder elements display a well-defined anomaly adjacent to Greenbushes South
  • Dispersion of elements into the laterite profiles include arsenic, tantalum, tin and antimony among others
  • Galan to commence sampling and mapping at Greenbushes South next month

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has completed a review of historical CSIRO data which enhances the prospectivity of its Greenbushes South Lithium project.

Keep reading... Show less

Data Review Enhances Prospectivity at Galan’s Greenbushes South Lithium Project

Highlights:

  • CSIRO’s historical datasets show prospectivity for Galan’s Greenbushes South Lithium Project
  • Historical laterite geochemistry data collected prior to mining at Greenbushes
  • Elevated abundances of pathfinder elements display a well-defined anomaly adjacent to Greenbushes South
  • Dispersion of elements into the laterite profiles include arsenic, tantalum, tin and antimony among others
  • Galan to commence sampling and mapping at Greenbushes South next month

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has completed a review of historical CSIRO data which enhances the prospectivity of its Greenbushes South Lithium project.

Keep reading... Show less

AIS Resources’ Australian Yalgogrin Gold Project’s first drill hole returns gold intercepts averaging 1.5g/t over 87 meters including 0.9 meters at 9.3 g/t

A.I.S. Resources Limited ( TSX: AIS, OTCQB: AISSF ) (the “Company” or “AIS) reports that the assay analysis from YDD1 at Neighbour’s Farm historic mine workings, the first diamond drill hole at its Yalgogrin Gold Project, NSW, Australia has been completed by SGS Australia. Extensive gold mineralisation was intersected from 58m through to the end of hole at 162.3m with gold mineralisation remaining open at depth and returning gold Intercepts over 87m averaging 1.5gt. The best individual grades returned up to 9.3 gt Au that are supported by consistent mineralisation hosted within the altered rock mass.

A summary of the intervals and average assays is set out below from the top of the core:

Keep reading... Show less

Resolution Minerals Ltd Drilling Program at Sunrise Gold Prospect Completed

Adelaide, Australia (ABN Newswire) – Resolution Minerals Ltd (ASX:RML) (FRA:NC3) is pleased to announce that it has completed the Company’s first drilling program on the Sunrise Gold Prospect at the 64North Project in Alaska. Drilling was conducted along an existing access road, targeting outcropping granite hosted mineralisation, analogous in style to Kinross’s Fort Knox Gold Mine, which is one of Alaska’s most profitable mines. The Sunrise Prospect was identified in 2020 by a RML trenching program and is located less than 5km from Northern Star’s operating Pogo Gold Mine.

Summary

– A 1400m long “fence line” of 27 shallow RAB drill holes designed to test outcropping mineralisation at the Sunrise Prospect has been completed.

Keep reading... Show less

Top News

Related News