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Global growth will be fuelled by Queensland resources

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World Coal,

A recently released national commodity outlook confirms that Queenslanders can count on resources to help the state recover from COVID-19 and thrive well into the future, the Queensland Resources Council (QRC) said.

QRC Chief Executive, Ian Macfarlane, said the Commodity Demand Outlook 2030 report released by the Minerals Council of Australia (MCA) forecasts increased demand for key Queensland commodities out to 2030.

“Our Asian Pacific neighbours are rapidly modernising their economies and they need Queensland’s commodities to build their futures,” Macfarlane said.

“If Queensland was a country, we would be the world’s top exporter of metallurgical coal.

“We produced 88% of Australia’s metallurgical coal and supplied 52% of the world trade in 2020, which gives you some idea of the significance of a bright export outlook for the next decade.

“Queensland is also a mineral powerhouse for Australia, accounting for 65% of silver produced, 60% of lead, 56% of zinc and a quarter of the copper produced in 2020.”

The report, commissioned by the MCA and released during Minerals Week, forecasts by 2030:

  • Metallurgical coal: Seaborne metallurgical coal to make new steel will rise steadily by 24%.
  • Thermal coal: Demand for imported coal in our region will increase 23.5%.
  • Zinc: World zinc consumption to grow by 12%.
  • Copper: Global consumption of copper has doubled every 25 – 30 years and this demand will accelerate with the electrification of the global economy.
  • Aluminium: Primary aluminium demand to rise sharply by 45.5% from 65.1 million t in 2019 to 94.7 million t.
  • Rare earth elements: Global demand has already grown by 327% since 2010 as these 15 elements become used more widely in modern electronics.

Macfarlane said the report will give Queensland resources companies and communities a well-needed boost of confidence in their future.

“The bottom line is our resources sector has a bright future because it’s underpinned by growing global demand for our commodities,” he said.

“Queenslanders know that when the outlook for resources is bright, our resource regions also flourish.”

“The report forecast a decade of growth for resource hubs like Townsville, Mackay, Mount Isa, Moranbah, Toowoomba, Gladstone and just about everywhere in between.”

“As an industry, we are also absolutely committed to lowering emissions and adopting a range of other important measures to meet the challenges of climate change, so that transition is all part of what we can offer the community.

“Resources companies produce the raw materials and building blocks used to manufacture most of the items we need in our everyday lives in terms of energy, transport, electronics and so on. Our priority is to keep evolving, researching, developing and implementing the technology needed to manage our environment responsibly, safely and sustainably.”

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