Australia’s exports of thermal coal in the July 2013 – June 14 financial year are estimated to have increased by 6% to 192 million t, according to the latest Resources and Energy Quarterly from the Bureau of Resource and Energy Economics (BREE). This increase was supported by higher production at a number of operations, including Glencore’s Ulan and Ravensworth North Opencut mines and Bulga Coal’s Beltana mine.
The increase in production offset a decline in prices with earnings increasing to AU$16.5 billion – a 2% increase on the previous year.
Australia’s thermal coal exports. Source: Resources and Energy Quarterly (BREE; June 2014).
BREE’s forecast for the 2014 – 2015 year sees exports wising by a more modest 2.2% to 197 million t. However, a relatively strong Australian dollar and lower prices are expected to impact earnings, which are expected to drop to AU$ 15.2 billion.
Written by Jonathan Rowland