12/12/2007 - 10:41

Mineral exports fall in September quarter

12/12/2007 - 10:41

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Ausrtralia's mineral exports declined in value by 3.4 per cent in the September quarter of 2007 to $26.4 billion, ABARE has announced.

Mineral exports fall in September quarter

Ausrtralia's mineral exports declined in value by 3.4 per cent in the September quarter of 2007 to $26.4 billion, ABARE has announced.

"Contributing to the fall in export earnings was the negative effects of a stronger Australian dollar and weaker metals and related minerals prices," ABARE's executive director Phillip Glyde said today when releasing the September quarter Australian Mineral Statistics report.

Mr Glyde noted that export earnings for some major export commodities increased in the September quarter compared with the June quarter.

Earnings from uranium oxide were up $87 million (44 per cent) to $285 million; lead up $100 million (24 per cent) to $525 million; crude oil up $188 million (9 per cent) to $2197 million; thermal coal up $48 million (3 per cent) to $1687 million and iron ore and pellets up $65 million (2 per cent) to $4157 million.

"The higher earnings for these commodities reflect higher export volumes for crude oil, lead and iron ore and pellets, and higher prices received for uranium oxide and thermal coal, respectively," Mr Glyde said.

"We are now starting to see the benefits of recent high levels of investment in the Australian mining industry, with the volume of mineral resources production and exports increasing," Mr Glyde said.

The key commodities that recorded decreases in export earnings in the September quarter 2007 were: nickel, down $1214 million (49 per cent) to $1260 million; refined gold, down $307 million (10 per cent) to $2723 million; LNG down $59 million (5 per cent) to $1130 million and coking coal, down $155 million (4 per cent) to $3362 million.

The index of export prices of Australian minerals resources (export unit returns) declined by 5 per cent in the September quarter 2007 compared with the previous quarter. Prices received for energy minerals increased by 1 per cent, while metals and related minerals prices declined by 7 per cent.

There were mixed results for Australian mineral commodities production for the September quarter, with increases in around half of Australia's major minerals and energy commodities.

 

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