Oct 21, 2017 Last Updated 10:47 AM, Oct 19, 2017

New Entry From the Editor :

Perth Airport checks in to shortlist in inaugural International Airport Review Awards

Perth Airport checks in to sho…

AusBN - Perth Airport has been shortlisted in the inaugural International A...

BHP reports mixed results for copper and iron ore in Q2

BHP reports mixed results for …

AusBN - The world’s number one miner BHP announced increased copper p...

Rio Tinto ships more Pilbara iron ore but lowers copper outlook in Q3 report

Rio Tinto ships more Pilbara i…

AusBN - Rio Tinto (ASX:RIO) produced another set of mixed results in its Q3...

Energy and resources sector primed for $215 billion export rise

LNG portAusBNAusBN - An unexpected rebound in iron ore and coal prices, coupled with a burgeoning LNG market, is set to boost Australia’s energy and resources exports to a record AUS$215 billion in the 2016/17 financial year.

This huge 32% rise on export revenues from the previous year has largely been driven by a sharp increase in gas exports as large-scale LNG projects, such as Chevron’s Gorgon facility, come onstream.

According to the latest quarterly report by the federal government's Department of Industry, Innovation and Science, prices of top export commodities iron ore and coal will start to unwind over the next year.

However, Australia’s rapidly expanding LNG market, buoyed by the first cargo exports from Chevron’s Wheatstone facility, will offset the dip in commodity prices over 2017/18.

Consequently, the federal report predicts that Australia’s export earnings are likely to plateau at $215 billion going into the next fiscal year.

LNG has also been forecasted to overtake metallurgical coal as Australia's second largest resource and energy export in 2017/18, according to the report.

@AusBNOnline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner