The McPhillamys gold mine cancellation highlights the disconnect between the government’s agenda and the real world confronting the Australian resources sector.
Already a subscriber?Fronting the annual Minerals Week parliamentary dinner isn’t always straightforward, even for Prime Minister Anthony Albanese.
The recent spike in mining investment has been focused on sustaining rather than increasing production. Higher business input prices have also contributed. In contrast, gold prices continue to set records. Since the start of the COVID-19 pandemic, the US dollar gold price increased more than 50 per cent. In Australian dollar terms it’s up more than 75 per cent. Yet, this against a backdrop that output from Australia’s gold mines has actually fallen; down 10 per cent or 30 tonnes in the last three years. At today’s prices that lost output is worth more than $4 billion – roughly the value of Australia’s total nickel exports in 2023.
In advocating for balanced IR settings that fairly compensate workers for productivity gains, and the need for internationally competitive energy prices the Minerals Council has highlighted the broader challenge confronting all mining companies, irrespective of size.
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