Queensland’s LNG and metallurgical coal commodities are not only delivering for the State but the nation with Australia’s resources and energy exports forecast to arrive at a new record of AUS$230 billion in 2017 - 2018, according to the Office of the Chief Economist.
Queensland Resources Council (QRC) Chief Executive Ian Macfarlane said the figures in the Resources and Energy Quarterly (REQ) highlight the importance of resources to the wider economy, but noted in the outlook was a ‘major concern’ about Aurizon’s decision to pre-empt the regulator.
“Today, two major international coal producers Glencore and Anglo American slammed Aurizon over its move to unilaterally change its maintenance programme and the Chief Economist supports those concerns.
“Despite the positive numbers today the biggest dark cloud on the horizon is Aurizon with its threat to halt 20 million t of coal exports. That is a loss of AUS$4 billion in exports and AUS$500 million in royalties which help pay for the teachers, nurses and police.
“The March quarter figures forecast Australia could be the largest exporter of LNG by 2019 and with nearly 40% of LNG flowing from Gladstone already the State Government will be relying on the resources sector to achieve its Trade and Invest Strategy target of ‘Queensland’s share of national overseas exports to 22% and maintain through to 2022’.
“While these numbers are encouraging we must continue to compete for every contract, innovate to stay globally competitive, and earn the support of our governments, and the people who elect them.”
Read the article online at: https://www.worldcoal.com/coal/09042018/chief-economist-supports-concerns-over-aurizons-maintenance-change/