Introduction to Australia’s Mineral Resources
Australia is a country rich in mineral resources, exporting a wide range of important minerals, including precious metals like gold, base metals such as copper and iron ore, and energy resources like oil, natural gas, and coal. In recent years, lithium has also become a major mineral export for Australia. The country’s mineral exports reached AU$415 billion during the 2023/2024 period, according to the Department of Industry, Science and Resources (DISR), with a forecasted decline to AU$387 billion for 2024/2025.
Global Economic Outlook
The global economic growth is expected to be modest over the outlook period, with lower inflation allowing some central banks to make further small cuts in official interest rates. However, trade actions and retaliatory measures may detract from global growth and increase geopolitical tensions. In terms of volume, most of Australia’s resource exports are likely to show a modest pickup through the outlook period. The Organisation for Economic Co-operation and Development (OECD) downgraded its global growth forecast to 3.1 percent for 2025 and 3 percent for 2026, citing uncertainty over trade and higher-than-expected inflation.
Australia’s Top Mineral Resources
But what are Australia’s top mineral resources by export value? The country’s top five most valuable mineral exports are iron ore, liquified natural gas, coal, gold, and copper. Combined, these mineral exports accounted for two-thirds of Australia’s merchandise export earnings in the 2023/2024 financial year.
1. Iron Ore
Iron ore is Australia’s most valuable mineral export, accounting for AU$141 billion of the country’s export value during the 2023/2024 period. As the world’s largest producer and exporter of iron ore, Australia is the leading player in the iron game. The country produced 930 million metric tons of iron ore in 2024, accounting for 37.2 percent of global production. Iron is used in a wide range of applications, from infrastructure to transportation to advanced technology.
2. Liquified Natural Gas
Liquified natural gas (LNG) is Australia’s second most valuable mineral export, earning more than AU$70 billion for the economy in the 2023/2024 financial period. 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.
3. Coal
Coal is a significant source of wealth for Australia, with metallurgical coal and thermal coal accounting for an export value of AU$56 billion and AU$38 billion, respectively, during the 2023/2024 financial period. The country hosts coal deposits across the country, with several new mines under construction and expansion projects underway. However, softer demand for coal going forward is likely to result in a significant decrease in Australia’s coal exports over the coming years.
4. Gold
Gold is Australia’s fourth most valuable mineral export, with a value of AU$34 billion in 2023/2024. The country produced 290 tonnes of gold in 2024, making it the third-largest gold-producing country in the world. Much of Australia’s wealth is founded on gold, with several gold rushes triggered in the mid-1800s that supercharged the nation’s development and set it down its path of prosperity through mining.
5. Copper
Copper is Australia’s fifth most valuable mineral export, earning AU$12 billion in 2023/2024. The country is the world’s eighth-largest producer of copper, with most of its copper resources located in South Australia and Queensland. The Olympic Dam polymetallic mine, owned by BHP, is the largest single copper mine in the country.
Other Mineral Resources
While the top five mineral resources are the most valuable to the Australian economy, the country also has significant reserves of other minerals, including oil, lithium, aluminum, nickel, and zinc. Lithium, in particular, has become a major mineral export for Australia, with the country earning AU$10.25 billion in 2023/2024. Australia is the world’s largest producer of lithium, with most of its resources located in Western Australia.
Conclusion
In conclusion, Australia is a country rich in mineral resources, with a diverse range of exports that contribute significantly to the national economy. While the country’s mineral exports are expected to decline in the coming years, the forecasted growth in demand for certain minerals, such as copper and lithium, is expected to drive increased production and exploration spending in the country. As the world’s largest producer and exporter of several key minerals, Australia is well-positioned to continue playing a major role in the global mineral market.
