Subscribe to RSS feedAustralian Q1 mining earnings dive 18%
While energy and mineral resources poured $38.7bn into the Australian economy in the March quarter, it represented an 18% slide compared with the last quarter of 2008.
LNG one of many commodities to fall in value
The fall was recorded in the Australian Bureau of Agriculture and Regional Economics's (ABARE) latest report on the sector.
The report confirms the strength of gold, which was the only commodity to increase both its volumes and price since last year.
High-volume exports such as metallurgical coal, crude oil, copper and liquefied natural gas saw huge falls in value.
Prices for all commodities combined fell 15% compared with the December quarter.
The biggest falls were:
- Iron and steel (down 48% to $218m)
- Bauxite (down 43% to $33m)
- Diamonds (down 42% to $95m)
- Metallurgical coal (down 39% to $1bn)
- LNG (down 35% to $2.5bn)
Commodities which saw an increase in earnings included rutile concentrate (up 53% to $98m) and refined gold (up 39% to $1.5bn).
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