The Hon. Tom Koutsantonis, Minister for Energy and Mining (SA), Media Release, 15 March 2024
South Australian mineral and petroleum exports increased by a remarkable 14.3 per cent to more than $5 billion in 2023, according to new Australian Bureau of Statistics figures.
Of our $17.9 billion export record in 2023 reported by the ABS, the resources sector contributed $5 billion, according to ABS data. However, this does not include a further $2 billion in confidential energy and mineral goods – mainly copper ores and uranium.
More than $3 billion of this $7 billion total came from iron and steel, refined copper and lead – highlighting the significance of our energy and mining sectors in driving South Australian’s export growth.
While copper was a significant export driver, our iron ore exports reach almost $1.2 billion for the 2023 calendar year – but there is a bigger opportunity.
We’re home to 16.8 billion tonnes of magnetite iron resource in the Northern Gawler, Southern Gawler and Braemar provinces that could be beneficiated here – using hydrogen.
The resources sector is already a pillar of South Australia’s economy. Exporting a value-added green product would be game-changing.
The sector’s 2023 exploration expenditure was the highest since 2012 – when Oz Minerals was spending tens of millions of dollars discovering the extent of the Carrapateena and Prominent Hill copper mines in the north, now owned by BHP.
Between April 2022 and December 2023, exploration expenditure under the Malinauskas Labor Government ($426 million) exceeded expenditure over all four years of the former Marshall Liberal administration ($368 million) – despite mining continuing to operate as a designated essential industry throughout the Covid pandemic.
Quotes attributable to Tom Koutsantonis
We are seeing the resources sector thrive as we focus on the global energy transition.
With the purchase of Carrapateena and Prominent Hill copper mines through their acquisition of Oz Minerals last year, we are seeing BHP send more copper ore to Olympic Dam’s smelter.
Shifting towards exporting more value-added products, like refined copper, is the right direction for South Australia’s economy.
It means more jobs in South Australia. It means more complexity in our economy.
Copper’s indispensability to electrification technologies makes it a critical mineral for global decarbonisation. Forecasts predicting a surge in global copper demand surpassing current supply capabilities presents a very big opportunity for South Australia.
We host 70 per cent of Australia’s copper resource. We’re in prime position to open up opportunities for growing our economy through our resource exports and assist other countries as they transition to low carbon economies.
For more information, visit www.stateprosperity.sa.gov.au.
