Australia raised its forecast for iron ore exports to 460 million tons this year

The Australian Bureau of Resources and Energy Economics Tuesday (December 13) raised its forecast for total iron ore exports in 2011/12 to 460 million tons, which is higher than the previous estimate of 449 million yuan. Ton, said that because of the recent expansion of Australia's mining industry and infrastructure capacity.

The Bureau of Resources and Energy Economics estimates the export of coking coal, and believes that coking coal exports in 2011/12 will reach 150 million tons, which is lower than the 156 million tons estimated on September 20.

The Associated Press of Australia and The New York Times reported on December 1 that the Australian government’s latest data showed that Australian exports increased by 4% in the third quarter of this year to US$48.8 billion, reaching new record highs. The Australian Resources and Energy Bureau said that the increase in exports was mainly due to the export of iron ore, thermal coal, gold and liquefied natural gas. Among them, natural gas exports increased by 15%, and copper exports increased by 7%. In addition, it also benefited from the increase in the amount of iron ore and coal mining that began in late June.

The "Australian Daily" also pointed out on December 1 that the total investment in Australia's mining industry has soared by 34% in the past six months, reaching a record high. According to the latest report of the Bureau of Resources and Energy Economics, the amount of committed investment for large-scale mineral projects has already accumulated over 232 billion yuan. Most of the investment amount goes to the oil, natural gas, iron ore, and coal mining industries. At present, there are 102 mineral and energy projects in Australia that have reached investment agreements and the number has reached a record high. In addition, 300 investment funds have not yet been put in place and the total value is expected to exceed RMB 240 billion.

Asian steel companies, especially Chinese steel mills, are major buyers of Australian iron ore and coking coal.

Australia is the world's largest producer of iron ore. BHP Billiton and Rio Tinto PLC both have large iron ore operations in Australia. In addition, Australia is also the world's largest producer of coking coal, and it is also an important producer of coal and copper, nickel and gold.