NSW: Coal exports continue to grow thanks to emerging markets
Coal is still king in New South Wales.
Last week, the industry association NSW Minerals Council confirmed coal remains the regions number one export commodity, and revealed new data that shows demand for coal from emerging markets is on the rise.
Data released by Coal Services Pty Ltd reveals that coal exports for the current financial year are up nearly five percent, from 127 million tons in 2013-14 to 133 million tons in 2014-15.
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“It’s good for the NSW economy that coal exports are growing steadily across our main international markets,” NSW Minerals Council CEO Stephen Galilee said.
“Coal remains vital to the NSW economy. It’s our most valuable export, and the NSW coal industry employs 35,000 people across the state,"
Exports of NSW coal to Korea are up eight percent, while exports to Taiwan have risen by 21 percent and across the rest of Asia outside of Japan and China, exports have more than doubled to 15.6 million tons over the last nine months.
Falls in export volume to China and Japan were more than offset by growth in other markets, including an encouraging more than doubling of exports to India in the current financial year.
Japan continues to be the biggest market for NSW coal comprising 40 percent of total exports, followed by China at 18 percent, Korea with 17 percent and Taiwan at 11 percent.
“The NSW mining industry has been doing it tough recently, with over 5000 jobs lost across the last two years. It’s therefore encouraging to see strong demand for NSW coal across our emerging markets,” Galilee said.
“Ongoing export demand indicates solid long term prospects for our state’s coal sector, provided we get the policy settings right here in NSW,” Galilee said.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.