PERTH (miningweekly.com) – Despite the economic downturn brought about by the Covid-19 pandemic, Australian resource export earnings are set to reach an all-time high in 2019/20, the latest Resources and Energy Quarterly from the Office of the Chief Economist has found.
Australia’s resources and energy export values are estimated at a record A$293-billion in 2019/20, a 4.2% increase on the 2018/19 figures.
The latest export estimate was down from the A$299-billion previously estimated, but was still the largest resource and energy export figure in Australian history, the Office of the Chief Economist said.
The report noted that gold, which is considered a safe haven in uncertain times, is set to be a strong performer, with prices surging to an eight-year high, and export earnings now on track to set a new record, of almost A$32-billion in 2020/21.
Australia’s gold mine production is forecast to reach a peak of 38.1 t in 2021/22 as high prices encourage expansion.
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