Resource Sector Adds $62.9 Billion to Queensland Economy

Resource Sector Adds $62.9 Billion to Queensland Economy

Queensland’s resource sector contributed $62.9 billion to the state’s economy in 2017/2018, a 14-percent increase from the previous period, according to the Queensland Resources Council.

Queensland’s resource sector made a $62.9-billion contribution to the state’s economy in 2017/2018, a 14-percent increase from the previous period, according to the Queensland Resources Council (QRC).

The QRC released its ninth annual economic contribution report on Monday (November 19), reporting just under $600 billion in contributions to the economy over nine years, outweighing Hong Kong’s economy. Additionally, the resource sector boosted job growth by 12 percent over the last year, with over 316,000 full-time positions.

“It’s not just diesel fitters and port workers but also butchers and chefs, lawyers and environmental scientists who have a job connected to the resources sector in communities across Queensland,” QRC Chief Executive Ian Macfarlane said in a statement.

“Our most recent data shows the sector is responsible for one in every five dollars in the economy and one in every eight jobs. It’s essential we have stable and reliable regulation to attract new investment and continue to lift the State’s prosperity,” Macfarlane added.

Coal in particular helped drive employment, with total employment growing 14 percent to over 215,000 workers. The commodity also made up 69 percent of economic contributions, with metals, oil and gas following behind at 15 percent and 13 percent, respectively.

Macfarlane continued, “[t]his report illustrates international markets see Queensland coal as an essential ingredient in steel making and energy production. It shows the world wants our bauxite, copper, gold, silver and zinc for electric vehicles, renewable energy and smart phones while our gas is feeding the energy needs of Asia and beyond.”

According to the report, Brisbane has maintained its position as Queensland’s biggest mining town with over 142,000 jobs in the sector and contributions of $28.9 billion to the economy, up 12 percent from the period before.

Also commenting on the report was QRC President Rag Udd, who highlighted the need for continued investment in the resource sector in order to keep producing strong results for the local economy.

“Our sector makes up almost 20 percent of the Queensland economy but we must not get complacent. We must embrace technology to stay globally competitive, compete for every contract and earn the support of our governments and the people who elect them,” Udd said.

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.

Hastings Technology Metals Ltd Measured and Indicated Mineral Resource Tonnes Up by 54%

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM), is pleased to announce a material increase in Mineral Resource Estimate at its Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.


– Measured and Indicated Mineral Resource tonnes increased by 54% to 16.3Mt for Yangibana deposits drilled during 2020.

Keep reading... Show less

ASI certifies Rio Tinto’s ISAL smelter for responsible production

Rio Tinto’s ISAL smelter in Iceland has been certified by the Aluminium Stewardship Initiative (ASI) for meeting the highest internationally recognised standards for responsible aluminium production.

The certification continues Rio Tinto’s leadership of the industry on responsible aluminium production from mine to metal, and means customers can be assured aluminium produced at ISAL meets independent environmental, social and governance standards.

Keep reading... Show less

Rio Tinto updates details of tailings facilities

Rio Tinto today released updated information in relation to its global tailings facilities to align with the requirements of the Global Industry Standard for Tailings Management (GISTM) released in August 2020, an initiative co-convened by the International Council on Mining and Metals, United Nations Environment Programme and the Principles for Responsible Investment.

The latest disclosure at builds on previously disclosed information on each of Rio Tinto’s global tailings facilities released in June 2019 and the publication of Rio Tinto’s Group Procedure and updated Standard for ‘Management of tailings and water storage facilities’ in February 2019. The changes to existing data are in line with guidance contained in GISTM including updating information previously disclosed.

Keep reading... Show less

Hastings Technology Metals Ltd Quarterly Activities Report

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to report on exploration and development activities for the three-month period to 31st March 2021. Most of the activity focused on the Company’s Yangibana Rare Earths Project (“Yangibana”) in the Gascoyne region of Western Australia.


– Hastings raised $100.7 million (before costs) through a two-tranche equity placement priced at $0.19 per share, with funds to be used to advance development of the Yangibana Rare Earths Project.

Keep reading... Show less

Argyle Diamond Mine Closure: What’s Next for the Sector in Australia?

Click here to read part one of this article, which covers the closure of the Argyle diamond mine.

When the mining equipment permanently shut down at Western Australia's Argyle mine in November 2020, the country's diamond sector entered a transitional period.

As the world's fourth largest diamond-producing asset shuttered, domestic output of the gems instantly declined by as much as 90 percent.

Keep reading... Show less

Top News

Related News