Future of mining in Australia (2024)

FAQs

What is the future of mining in Australia? ›

With rapid new advances in technology and exploration, opportunities are limitless for the future of the Australian mining industry. The evolutionary change in automation, robotics, and artificial intelligence matched with mineral exploration secures a prosperous future of mining.

Artificial intelligence will be commonplace in mining operations, as miners use it to interpret data from smart sensors and machine interconnection, and to improve operational safety and efficiency through unmanned, AI-enabled technologies. This will transform mining into one of the safest occupations of its kind.

Mining in Australia: Impact on the Environment

Among these, the effect on the Great Barrier Reef stands out. This iconic natural habitat is at risk due to mining activities nearby, triggering widespread concern over potential irreversible damage like water pollution and the destruction of habitats.

An unprecedented boom in the value of Australia's resources exports is set to come to an end amid forecasts that earnings from iron ore, coal and gas will fall back down to earth.

Domestically, the outlook remains positive but weaker growth is expected for 2024. The global economy is still recovering but inflation proves to be sticky. Domestically, inflation continues to move down towards the target band, but the progress is slower than expected.

Mining contributes more than $13 billion to the state's economy and creates 121,000 jobs. In 1851, gold was discovered in Ballarat, starting the gold rush that made Melbourne one of the richest cities in the world.

Newtrax believes the future of mining is underground, not only because metals and minerals close to the surface are increasingly rare, but because underground mines have a significantly lower environmental footprint.

The energy we need to Live

Whether it be renewables or existing infrastructure, we cannot fly, sail or drive without mining. We also can't move electricity without Copper wiring, so that means no heating, or cooking, or light in our homes, and industry unable to produce the things we need.

The Future Is Process Mining: Decode, Optimize, and Thrive!

Companies using advanced analytics have witnessed a staggering 20% increase in operational efficiency in recent years, a testament to the transformative potential of data-driven insights.

Mining has long been a cornerstone of the Australian economy. The gold rushes in 1850s were pivotal in the early development of the country. Today, it remains one of the country's most well-established sectors. It is a major contributor to Australia's economy, accounting for around 13.6% of total GDP in 2023.

Who benefits from mining in Australia? ›

Australia's minerals industry is a major contributor to investment, exports and government revenues. It directly employs 238,000 Australians. Australia's innovative mining, equipment, technology and services (METS) sector, which sells goods and services here and overseas, is also a major economic contributor.

From these minerals, useful materials such as metals can be extracted. Australia is one of the world's leading producers of bauxite (aluminium ore), iron ore, lithium, gold, lead, diamond, rare earth elements, uranium, and zinc. Australia also has large mineral sand deposits of ilmenite, zircon and rutile.

It is not possible to state with any certainty how long Australia's resources will last because production rates vary, the economic viability of deposits may change in the future and the rate of new resource delineation rarely matches resource depletion.

Australian mining today contributes record exports of $273 billion, the highest wages in Australia with an average of $141,000 a year, ongoing supply chain opportunities in regional areas, leading edge innovation, respectful engagement with Traditional Owners and significant tax and royalties contributions of $31 ...

Production in Mining & Quarrying market is projected to amount to 1,323.0bn kg in 2024. An annual growth rate of 3.02% is expected (CAGR 2024-2028).

An annual growth rate of 3.02% is expected (CAGR 2024-2028).

In 2024–25, a further decline is likely, as commodity prices fall and the AUD/USD lifts. Further out, lower bulk commodity prices will impact export earnings. Further falls in nickel and lithium prices have been observed with higher supply than demand.

Mining is one of the industries that has carried the Australian economy through the Covid-19 crisis, and it's continuing to grow remarkably fast – which means a steady demand for suitably qualified labour.

Australian iron ore export volumes increased by 1.1% (year-on-year) to 893 million tonnes and are forecast to rise by 1.6% annually until 2029. Global demand for metallurgical coal rose by 8% to reach 317 million tonnes in 2023, driven by China and India.