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Australia’s 5 Most Valuable Mineral Exports

One of the richest nation’s on Earth, Australia’s economy is built on mineral resources. Here’s a look at the country’s five most valuable mineral exports.
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Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports.

Four of Australia’s states and territories rank in the top 20 mining jurisdictions in the world, according to the Fraser Institute’s latest annual survey of mining companies: Western Australia (fourth), Southern Australia (seventh), Queensland (16th) and the Northern Territory (19th).

These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.


 

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In the 2018/2019 period, Australia’s minerals exports grew by 26.4 percent over the previous period. Here are the top five most valuable mineral resources exports for the Australian economy; combined they brought in nearly half of Australia’s AU$470 billion worth of exports in the 2018/2019 financial year, as per the most recent data from the Department of Foreign Affairs and Trade (DFAT).

1. Iron ore

Australia is the king of the iron game. US Geological Survey (USGS) information shows it accounted for some 37 percent of global iron production in 2020, well ahead of Brazil in second place. The nation also ranks as the world’s largest exporter of iron ore.

Iron is the definitive base metal, and is used in everything from infrastructure to transportation to advanced technology — meaning Australia and its many iron ore mines in Western Australia have enjoyed a mighty run of economic prosperity as China has leaned into its push for industrialization.

DFAT’s data from 2018/2019 shows that iron ore accounted for over 16 percent of Australia’s total exports in that period, with a value of more than AU$77 billion.

2. Coal

While more western nations around the world are turning away from coal, in Australia the sooty black rock is a source of incredible wealth.

Australia hosts coal deposits across the country, with major operational mines up and down the east coast, including the controversial Carmichael mine in Queensland, which is being developed by India’s Adani Group (BSE:512599,NSE:ADANIENT).

 

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For its part, coal makes up another 15 percent of Australia’s total exports at AU$69.5 billion, with most of it again going to China despite increasingly strict environmental standards. However, simmering political tensions between the two trading partners resulted in China effectively banning Australian coal imports in 2020. And yet, Australia has plenty of other customers as well.

3. Gas

Natural gas is Australia’s third most valuable resource export, earning more than AU$49 billion for the economy with its 10.5 percent share of total exports.

The island continent is home to 14 different basins that yield natural gas. The country has significant natural gas reserves, with much of it locked up in coal seams that require unconventional drilling.

Most of Australia’s natural gas production occurs offshore in the northwest, which has seen an increase in large development projects over the past few years by some of the biggest names in natural gas.

4. Gold

Gold accounted for nearly AU$19 billion in exports in the 2018/2019 financial year in Australia, earning its place as the fourth most valuable mineral export and sixth most valuable export overall.

According to the USGS, Australia produced 320 tonnes of the yellow metal in 2020, making it the second largest gold-producing nation, behind China and ahead of Russia.

Much of Australia’s wealth is founded on gold, with a number of gold rushes triggered in the mid-1800s that supercharged the nation’s development and set it down its path of prosperity through mining. Today most of the top-producing gold mines in the country are located in Western Australia.

 

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5. Aluminium ore

Aluminium ore comes in as the fifth most valuable mineral export from Australia, accounting for 2.3 percent of all exports and earning AU$11.4 billion in 2018/2019. Aluminium is sourced from bauxite, of which Australia has the second largest share of resources in the world.

Aluminium ore is produced from mines in Queensland, New South Wales, the Northern Territory, Western Australia and Victoria. Refined aluminium metal earned its own spot in DFAT’s list of valuable exports for the country at 16th. Australia’s refined aluminium industry has been struggling under the weight of heavy energy costs associated with smelter operations for a number of years now.

“Australia is one of the world’s most emissions-intensive aluminium producers,” reports the Institute for Energy Economics and Financial Analysis. Renewable energy sources may be the answer to saving the country’s aluminium sector.

And the rest

While the five resources above represent the most valuable mineral exports to the Australian economy, the country sits on significant reserves of almost every mineral you can find on the planet. Other major commodities of significant value to the Australian economy are oil, which is the sixth most valuable resource and ninth most valuable export overall, and copper ores and concentrates, which are the seventh most valuable mineral export and 10th overall.

Wondering where uranium and rare earths are on this list? Despite having 30 percent of the world’s reserves, uranium didn’t rate a mention in exports as its three operational mines only produced 6,613 tonnes of uranium in 2019. And while Australia also ranks as the fourth largest producer of rare earths globally, rare earths production did not rate as a major contributor to the Australian economy.

This is an updated version of an article first published by the Investing News Network in 2019.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

 

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Government

Brandon Smith: The Real Reasons Why California Leftists Are Terrified Of The AR-15

Brandon Smith: The Real Reasons Why California Leftists Are Terrified Of The AR-15

Authored by Brandon Smith via Alt-Market.us,

This past week a US District judge in California struck down the state’s 30 year ban on high capacity semi-automa

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Brandon Smith: The Real Reasons Why California Leftists Are Terrified Of The AR-15

Authored by Brandon Smith via Alt-Market.us,

This past week a US District judge in California struck down the state’s 30 year ban on high capacity semi-automatic rifles which leftists label “assault weapons”. The judge called the ban unconstitutional (which it is). In response, the progressive media has lost their collective minds, screeching in horror at the idea of AR-15 rifles being legal within the borders of their carefully manicured socialist Utopia state. Their most commonly expressed reaction seems to be fear.

Fear is rarely a rational thing. When someone operates based on fear they tend to make terrible decisions and support oppressive causes and laws. Fear leads to an obsession with control. Fearful people also tend to look for large mobs of other terrified people so they can feel safe and secure and anonymous. They want to be able to act impulsively on their fears without having to face consequences for it later.

Leftists are driven primarily by two factors: Narcissism, and yes, fear. I’ve discussed their narcissism at great length in past articles; now I think we should delve into their fear.

The most common leftist retort to the question “Why are you so afraid of the AR-15?” will usually be a snort of indignant disbelief followed by the words:

“Because it’s a military weapon designed to kill a lot of people quickly…idiot!”

But this is not an argument, it is an expression of irrational fear. Why are they, as individuals, afraid of the AR-15? What are the chances that they will EVER be faced with a person intent on killing them with an AR-15? And, why do they believe that disarming innocent law abiding Americans will somehow save them from their paranoia?

Let’s examine the first issue of statistical probability; how many people are actually killed by AR-15s each year? Not many according to the FBI, which does not track the stats on specific rifles, but does track the stats on all rifles together. And, as it turns out, only around 6% of all gun deaths involve rifles in the US each year.

How much of that 6% involves the use of military grade rifles like the AR-15? It’s impossible to say, but even if it was half, or 3% of all gun related crimes, that would still mean you have FAR more of a chance of being murdered by a knife or blunt object than an AR. By extension, Rifles overall are dwarfed by handgun murders, so, again, why are leftists so afraid of the AR-15?

What about mass shootings? It seems like the AR-15 is a favorite among mass shooters because of it’s “efficiency”, so is this reason enough to be fearful? According to the New York Times own analysis, the AR-15 was used to kill 173 people in mass shootings in the US from 2007 to 2017. Meaning around 17 homicides per year over a decade can be attributed to the rifle. Again, the AR is dwarfed by almost all other weapons in homicide including knives, even when accounting for mass shootings.

With the sheer number of military grade weapons in the hands of civilians in the US there should be mass homicides everywhere you look if you take the common position of the typical progressive gun grabber. But, this is not the case. In fact, if you want to increase your chances of being killed by a gun, move to a major Democrat run city like Chicago, New York or Philadelphia. In Chicago, there were 4033 shootings and 784 homicides, predominantly in black neighborhoods and primarily with handguns.

So, statistically, access to AR-15s does not increase gun homicides. But what about living in a black neighborhood in leftist run Chicago under some of the strictest gun laws in the country? Yes, your chances of being shot are MUCH higher (just not by an AR-15).

Since the math does not add up in favor of the leftists, perhaps we should examine other factors that might be driving them to focus on the AR in particular. Let’s talk about “precedence”…

Look at it this way – States like California are a petri dish, a testing ground for the future that leftists want for the entire country. There is an old saying that “As goes California, so goes the US”, and this is because California is often where most experimental legislation is pushed; legislation that violates the boundaries of what the constitution allows. Sometimes it’s New York or New Jersey or some other blue state, but most of the time CA is where unconstitutional precedents are set. Its massive population and large number of electoral votes make it a perfect target for conditioning the wider public to further restrictions on their freedoms.

This explains some of the fear the media is showing regarding the latest federal court decision on military grade weapons like the AR. Political elites see California as their own little kingdom with their own special laws, and they plan to eventually spread those laws across America using California as the model. But, if such laws are overturned as unconstitutional, then the precedent actually works in reverse. Now, the leftists are concerned that an overturned gun ban in CA means more blue states will follow and their entire gun grabbing scheme will go out the window.

The leftist mind thinks in terms of unchecked and unhinged “democracy”. Meaning, they believe that the majority is paramount; the majority is law. If a majority in a society wants to take away your freedoms, then they have the right to because they have the mob on their side. 51% rules over the lives of the other 49%. But this is not how things work in a Constitutional Republic.

Under the Bill of Rights your freedoms are codified and sacrosanct. They are inherent and gifted by God (or whatever you happen to believe in); government has no domain over these rights. The right to firearms and self defense is one of these inherent qualities. It does not matter what the State of California thinks, or even what the “majority” of people in California think. If an American in California wants to own an AR-15, then he/she has the right to own an AR-15.

We also cannot ignore the fact that leftists have an insatiable appetite for collectivism, usually in the name of the “greater good”. Collectivism is basically totalitarianism disguised as humanitarianism. They know what’s best for you, and they are going to make sure you follow THEIR plan for your life.

The AR-15 is indeed a weapon in military use, and maybe this is what frightens leftists the most. Not because they are personally more likely to be shot by one (we’ve already proven that notion false), but because leftists desire control over all else, and with military grade weapons in the hands of the public control becomes much more difficult. ALL totalitarian governments seek to first disarm the people they intend to enslave or destroy. This is a fact.

When a group of people in power are working hard to remove defensive or even offensive weapons from your hands, it’s best to assume that their intentions are malevolent. They are not trying to help you, they are trying to help themselves.

They will deny this motive to the grave, but look at how the political left has been acting lately: They are the only people that have supported mass censorship of opposing viewpoints. They are the only people that are supported by international conglomerates and Big Tech companies. They are the only people that supported the pandemic lockdowns, which were completely useless in stopping the spread of covid, but they were very useful in killing hundreds of thousands of small businesses across the US. They are also the only people in favor of vaccine passports which would destroy the very fabric of our society and erase what is left of our freedoms.

It’s not really surprising that they want to disarm us as well.

Of course, they will claim that this argument is “silly”. After all, what can an AR-15 do against an Apache helicopter or a Abrams battle tank? Well, these rifles in the right hands can do a hell of a lot to stop a technologically advanced military, as we have seen for the past two decades in Afghanistan. Let us not play games; there is a reason why leftists and elites are obsessed with our disarmament. If military grade rifles were not a threat to them, then they would not be going after them so aggressively.

Finally, the mainstream media has rolled out all the typical propaganda tools when it comes to spinning the federal decision in CA, including attacking the judge and his character. Almost every single article on this issue focuses on the fact that the judge compared the AR-15 to a “Swiss Army knife”.

The left will continue to use this narrative as a means to distract from the real problem at hand because false conflations and straw man arguments have worked for them in the past. Clearly, the judge was not trying to say that an AR-15 and a Swiss Army knife are exactly the same, or that they are equally capable of killing people. The logical interpretation is that the AR-15 is a tool like any other tool, and it has multiple uses. It is a utilitarian object, not an inherently demonic death machine as leftists would have us believe.

Gun grabbers love to make the argument that firearms are only designed for one purpose: “Killing”. This is a lie. They are also tools for self defense. They are a means to defuse a violent situation before it even happens. There are thousands of videos on the web showing people with criminal intent running away from a Good Samaritan with a gun. There is no way of telling how many potential victims have been saved by the mere presence of a firearm, but the accounts are documented and numerous.

This is on top of all the other uses for guns, including hunting and sporting uses. So, yes, the judge is absolutely correct; an AR-15 is a multipurpose tool, just like a Swiss Army knife.

In my view, the gun control lobby in America is in the midst of a considerable decline, and maybe it is even about to die. The political left has long operated on the mantra that “the squeaky wheel gets the oil”. In other words, they think if they whine long enough and loud enough about an issue someone will come along and give them what they want just to shut them up, even if what they want is illogical or morally bankrupt.

This strategy has worked out for them for many decades so it’s not surprising that they keep using it, but times are changing. Now, the squeaky wheel gets no oil, at least not from gun owners. The squeaky wheel gets nothing.

Gun control is the big line in the sand for most law abiding conservatives and moderates, and we have grown tired of the debate because it’s no longer a debate, it’s a imposition of ideology and cultism. All the facts are on the side of gun owners. All the legal protections are on the side of gun owners. All the moral dynamics are on the side of gun owners. As long as we stand our ground, there is nothing that leftists can do about it.

They can continue to lie, they can continue to threaten and they can continue exploiting emotional arguments, but they’ll NEVER get the guns. And, as we have seen recently, we might even start returning some of those gun rights and rifles to states like California, where fear was used to cloud the public mind and people were conned into compliance.

What are California leftists and their comrades in other blue states really afraid of? They are afraid that their strategies are failing, that the public is getting wise to their games, that their incrementalism only works for so long, that their true intentions have become transparent, that their narcissism has blinded them to their own frailties, that the law is not their plaything and that every piece of constitutional ground they have stolen over the decades could be taken back from them in the blink of an eye; as fast as a speeding bullet.

Leftists and totalitarians fear the AR-15, but what they fear more is what it represents. And with each carefully placed practice shot at every gun range across America, they hear the crushing sound of inevitability.

*  *  *

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Tyler Durden Fri, 06/11/2021 - 22:20

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Government

Victor Davis Hanson: This Isn’t Your Father’s Left-Wing Revolution

Victor Davis Hanson: This Isn’t Your Father’s Left-Wing Revolution

Authored by Victor Davis Hanson,

Starry-eyed radicals in the 1960s and 1970s dreamed that they either were going to take over America or destroy it.

One of their favorite…

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Victor Davis Hanson: This Isn't Your Father's Left-Wing Revolution

Authored by Victor Davis Hanson,

Starry-eyed radicals in the 1960s and 1970s dreamed that they either were going to take over America or destroy it.

One of their favorite mottos was "Change it or lose it," even as protests focused on drugs, music, race, class, sex, fashion -- almost anything and everything.

Sixties radicals tutored America on long hair; wire-rim eyeglasses; who was a drag, a square, a bummer; and who was hip, cool, groovy, mellow and far out. Most of these silly revolutionaries were not unhinged Weathermen killers or SDS would-be communists, but just adolescents along for the good-time ride.

With the end of the draft in 1972, the winding down of the Vietnam War, the oil embargoes and a worsening economy, the '60s revolution withered away. Cynics claimed the revolution was mostly about middle-class students with long hair kicking back during the peak of the postwar boom, indulging their appetites and ensuring they would not end up in Vietnam.

It is not even true that the '60s at least ensured needed reform. The civil rights movement and equal rights for women and gays were already birthed before the hippies, as were folk songs and early rock music.

Instead, what the '60s revolution did was accelerate these trends -- but also radicalize, manipulate and coarsen them.

The grasping "yuppies" of the 1980s were the natural successors to let-it-all-hang-out "hippies." The '60s were at heart a narcissistic free-for-all, when "freedom" often entailed self-indulgence and avoiding responsibility.

By 1981, the Reagan revolution finished off the dead-enders of the Woodstock generation. Most eventually grew up. They rebooted their self-centered drug, sex and party impulses to fixations on money, status and material things.

Sixties protestors mainlined divorce, abortion on demand, promiscuity, drug use and one-parent homes. But by the late 1970s and the 1980s, most veteran cultural revolutionaries had gotten married, were raising a family, bought a house, got a job and made money.

This time around, their offspring's left-wing assault is different -- and far more ominous.

The woke grandchildren of the former outsiders are now more ruthless systematic insiders. The woke and wired new establishment knows how to use money and power to rebirth America as something the founders and most current Americans never envisioned.

Name one mainline institution that the woke left does not now control -- and warp. The media? The campus? Silicon Valley? Professional sports? The corporate boardroom? Foundations? The K-12 educational establishment? The military hierarchy? The government deep state? The FBI top echelon?

The left absorbed them all. But this time around, members of the left really believe that "by any means necessary" is no mere slogan. Instead, it is a model of how to disrupt or destroy American customs, traditions and values.

Woke revolutionaries are not panhandlers, street people or Grateful Dead groupies. They are not even a few nutty and murderous Symbionese Liberation Army terrorists fighting against "the Man."

They are "the Man."

Our 21st century revolutionaries are multibillionaires with flip-flops, tie-dye T-shirts and nose rings, but with the absolute power and desire to censor how half the country communicates -- or cancel them entirely.

They don't flock to campus free-speech areas; they are the campus administrators who ban free speech.

They don't picket outside the Pentagon; they are inside the Pentagon.

They don't chant "eat the rich"; they are the rich who eat at Napa Valley's French Laundry.

They don't protest "uptight" values, because they are more intolerant and puritanical than any Victorian.

They don't believe in racial quotas based on "proportional representation," because they are racists who demand underrepresentation of "bad" racial groups and overrepresentation of "good" groups. The color of our skin is their gospel, not the content of our character.

They are top-down revolutionaries. None of their agendas, from open borders and changing the Constitution to critical race theory and banning clean-burning fossil fuels, are ever favored among a majority of the population.

Their guiding principle is "never let a crisis go to waste." Only in times of a pandemic, a national quarantine or volatile racial relations can the new upscale leftist revolutionaries use fear to push through policies that no one in calm times could stomach.

Our revolutionaries hate dissent. They destroy any who question their media-spun hoaxes.

Truth is their enemy, and fear is their weapon.

Sixties paranoid revolutionaries warned about George Orwell's "1984," but our revolutionaries are "1984."

While this elitist leftist revolution is more dangerous than its sloppy '60s predecessor, it is also more vulnerable, given its obnoxious, top-heavy apparatus -- but only if the proverbial "people" finally say to their madness, "Enough is enough."

Tyler Durden Fri, 06/11/2021 - 23:40

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Economics

Inflation In Context: A Liquidity Adjusted CPI Index

First, folks, please send your prayers, thoughts, good feelings, positive energy, miracles, healing touch, whatever you got, and whatever it takes to GMM’s beloved Carol K., who keeps battling, never giving up against a serious disease in Boston at…

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First, folks, please send your prayers, thoughts, good feelings, positive energy, miracles, healing touch, whatever you got, and whatever it takes to GMM’s beloved Carol K., who keeps battling, never giving up against a serious disease in Boston at one, if not the best hospital in the world.  Even in her critical condition, she contributed to this post — though she may not agree with all its final points.  She’s truly an amazing and incredibly strong human being.  Semper Fi and Godspeed, CK.  

We had a few requests to write up something about today’s hot U.S consumer price inflation data. So we put together a quick note in honor of our friend from down in the Land of Oz, GMac, one of the most decent human beings on earth. He is one proud father of a super studly 18-year son, who is an incredible surfer and someday wants to surf Mavericks.  God. Bless. His. Soul.

Let us preface our inflation note with one of our favorite quotes:

World War II was transitory – GMM

Recall our post in January, Ready For 4 Percent CPI By Mid-Year?, when we speculated the U.S. would be experiencing 4 percent inflation, possibly 5 percent by mid-year.  We were beaten down like a red-headed stepchild (I am at liberty to say that as I have been a ginger most of my life).

GMM was also one of the first to point out the base effects (12-month comps) would kick in April and May 2021 due to the deflation that troughed last year from the COVID crash.  But don’t be gaslighted the lastest few month-on-month core prints essentially negate the base effect excuse for high inflation as three-month core CPI is now running at 7.9 percent on an annual basis.

We don’t know for certain if inflation will stick and move higher or lower but as better folk we are taking the over, however.

Liquidity Tsunami

We do know the major global central banks have pumped in a shitload of high-powered money into the global financial system over the past year — as in around $10 trillion, close 50 percent increse of their collective balance sheets.   Here’s Dr. Ed’s excellent chart,

Moreover, banks now seem eager to start lending, thus creating more endogenous money on top of the trillions upon trillions of base money central banks have already injected.

Transitory?  Yeah, right.   

It’s not a question whether the Fed has the tools to reign it in, it’s do they have the ‘nads?  Given the multiple asset bubbles that would burst, and bust spectacularly, if the Fed draws it word,  we seriously doubt it. 

The following chart from Dr. Ed also illustrates not only has the digital printing press been working overtime, the credit system is just fine and dandy as deposits are expanding.  Don’t be confused by, yes, the base effect, as the money aggregates have a much large base to grow from they did a year ago before the pandemic.

Tough to beat comps after expanding over 25 percent 

Note, these are monetary aggregates, which include cash in circulation, bank deposits among near money and other short-term time deposits, not the expansion of the Fed’s balance sheet, though it does hugely influence the data.  

This image has an empty alt attribute; its file name is yardeni.png

Big spurts from the digital printing press without a credit crisis and an impaired financial system — as was the case after the Great Financial Crisis — will almost always generate inflationary pressures.   Stimulating demand without production during a supply shock is not optimal unless carefully targeted to those who need it most.   

It’s very amusing to us to see the FinTweets, “peak inflation has arrived.”  True, if the financial markets crash.  But what do they base their conclusion on?  A warm feeling in their tummy?   

Show me the money data, Jerry.  

Banks Itching To Lend

Banks now seem eager to start lending, thus creating more endogenous money on top of the trillions of base money central banks have injected.  

Loans are “starting to pick up,” and there’s plenty of borrowing capacity because companies have unused credit lines, {BofA CEO Brian ]Moynihan said. Loan growth has been a challenge across the banking industry because many consumers and businesses are sitting on cash from savings and stimulus during the pandemic. – Bloomberg, June 6

This should send shivers up the Fed’s spine, but we are not so sure.  We are also not so sure they are not flying blind and will again miss the next big one just as they have in the past. 

The Chart: Liquidity Adjusted Inflation. 

It’s late and we want to present the chart in honor of GMac. 

We have taken the non seasonaly adjusted year-on-year change of CPI and subtracted a scaled up version of the Chicago Fed’s  National Financial Conditions Index (NFCI), which measures how loose or tight monetary conditions are in the U.S..  It’s has been running at an extreme historical low — i.e., very loose financial conditions.   

You can see the 105 indicators it is based upon here.

We are trying to give context to the inflation data of how loose and accomodative finnancial market and monetary conditions are currently.   As you can see, today’s year-on-year CPI print less the NFCI is at the highest level since November 1990, which was in the middle of the first Gulf war, Where the Fed was facing spiking inflation due to the run-up in oil and a recession.  

Prior to that our adjusted inflation index hasn’t been so high since the high inflation late 197Os and early ‘80s.  Gulp. 

Clearly, it is a different environment in today’s economy.  In fact, just the opposite – the economy is ready to roar for the next several quarters as consumers are flush with cash, the supply chain is still a mess due to the “bullwhip effect” (more on this in a future post), and new businesses should be looking for credit and loans to rebuild and start new ventures.    

Most of all, folks, the central banks still have their pedal to the metal and balls to the walls, and as we all know (well some of us),

Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. – Milton Friendman 

The Upshot

Inflation is way too high given exremely easy financial and monetary conditions.  There will be blood. 

Finally 

Life is transitory. 

Inflation has eroded my purchasing power in my transitory life.  Bring back the $.35 Big Mac, which was only about 20 percent of the minimum wage.  Now?  About 40-50 percent.  Enough to spark a revolution. 

Finally, the Democrats should begin to worry.

Stay tuned. 

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