australia’s mineral resource assessment 2013 · this second edition of australia’s mineral...

Australia’s Mineral Resource Assessment

2013

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Australia’s Mineral Resource Assessment

2013

Geoscience Australia GPO Box 378 Canberra ACT 2601 www.ga.gov.au

Bureau of Resources and Energy Economics PO Box 1564 Canberra ACT 2601 www.bree.gov.au

www.ga.gov.au

www.bree.gov.au

Department of Industry

Minister for Industry: The Hon Ian Macfarlane MP Parliamentary Secretary: The Hon Bob Baldwin MP Secretary: Ms Glenys Beauchamp PSM

Geoscience Australia

Chief Executive Officer: Dr Chris Pigram

Bureau of Resources and Energy Economics

A/g Executive Director: Mr Bruce Wilson

This paper is published with the permission of the CEO, Geoscience Australia

© Commonwealth of Australia (Geoscience Australia) 2014

With the exception of the Commonwealth Coat of Arms and where otherwise noted, all material in this publication is provided under a Creative Commons Attribution 3.0 Australia Licence. (http://www.creativecommons.org/licenses/by/3.0/au/deed.en)

Geoscience Australia has tried to make the information in this product as accurate as possible. However, it does not guarantee that the information is totally accurate or complete. Therefore, you should not solely rely on this information when making a commercial decision.

Geoscience Australia is committed to providing web accessible content wherever possible. If you are having difficulties with accessing this document please contact [email protected].

ISSN 2202-770X (Print)

GeoCat # 78803

Second edition 2014

Bibliographic reference: Geoscience Australia and Bureau of Resources and Energy Economics, 2013. Australia’s Mineral Resource Assessment 2013. 2nd ed. Geoscience Australia: Canberra.

Acknowledgments

This second edition of Australia’s Mineral Resource Assessment was jointly compiled by Geoscience Australia and the Bureau of Resources and Energy Economics.

Authors

Geoscience Australia

Lead author: Allison Britt.

With contributions from: Leesa Carson, Roger Skirrow, Helen Dulfer, Anthony Senior, Aden McKay, Alan Whitaker, Daisy Summerfield, Keith Porritt, Yanis Miezitis, Steve Cadman and Andy Barnicoat.

Bureau of Resources and Energy Economics

Lead author: John Barber.

With contributions from: Kate Penney, Tom Shael and Simon Cowling.

Graphics, Design and Production

Silvio Mezzomo, Daniel Rawson (Geoscience Australia).

http://www.creativecommons.org/licenses/by/3.0/au/deed.en

mailto:[email protected]

AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013

iiiContents

1. Introduction 1

2. Mineral Exploration 5

Overview 5

Mineral Exploration Expenditure 5

Australia is an under-explored continent 12

Pre-competitive geoscience information 12

3. Resources 19

Overview 19

Bauxite 24

Coal 28

Copper 33

Gold 37

Iron Ore 41

Nickel 45

Rare Earths 49

Uranium 53

Critical commodities 57

4. Projects 61

Overview 61

Bauxite Projects 62

Black Coal Projects 62

Copper Projects 62

Gold Projects 63

Iron Ore Projects 63

Nickel Projects 64

Uranium Projects 64

5. Production 67

Bauxite 67

Black coal 68

Copper 69

Gold 70

Iron ore 71

Nickel 72

Uranium 73

6. Appendices 75

Appendix 1 75

Appendix 2 81

iv


List of figuresFigure 1.1 Periodic table of elements showing the status of production, development and exploration in Australia. 1

Figure 2.1 Australian mineral exploration expenditure per calendar year, 2005 to 2012. 6

Figure 2.2 Australian mineral exploration expenditure per financial year (1 July to 30 June), 2005–06 to 2012–13. 6

Figure 2.3 Greenfields and brownfields drilling expenditure and metres for the calendar year, 2005 to 2012. 7

Figure 2.4 Greenfields and brownfields drilling expenditure and metres per financial year (1 July to 30 June), 2005–06 to 2012–13. 8

Figure 2.5 Exploration expenditure in Australian states and the Northern Territory for calendar years 2005 to 2012. 9

Figure 2.6 Exploration expenditure in Australian states and the Northern Territory per financial year (1 July to 30 June), 2005–06 to 2012–13. 9

Figure 2.7 Exploration expenditure by commodity for calendar years 2005 to 2012. 10

Figure 2.8 Exploration expenditure by commodity per financial year (1 July to 30 June), 2005–06 to 2012–13. 11

Figure 3.1 Australia’s major bauxite deposits based on total Identified Resources. 25

Figure 3.2 Percentages of Economic Demonstrated Resources and total resources of bauxite held by the states and territories in Australia. 26

Figure 3.3 Trends in Economic Demonstrated Resources for bauxite since 1975. 27

Figure 3.4 Australia’s operating black and brown coal mines as at December 2012. 29

Figure 3.5 Percentages of Economic Demonstrated Resources and total resources of black coal held by the states and territories in Australia. 30

Figure 3.6 Percentages of Economic Demonstrated Resources and total resources of brown coal held by the states and territories in Australia. 30

Figure 3.7 Trends in Economic Demonstrated Resources for black coal (recoverable) since 1975. 32

Figure 3.8 Trends in Economic Demonstrated Resources for brown coal (recoverable) since 1975. 32

Figure 3.9 Australia’s major copper deposits based on total Identified Resources. 34

Figure 3.10 Percentages of Economic Demonstrated Resources and total resources of copper held by the states and territories in Australia. 35

Figure 3.11 Trends in Economic Demonstrated Resources for copper since 1975. 36

Figure 3.12 Australia’s major gold deposits based on total Identified Resources. 38

Figure 3.13 Percentages of Economic Demonstrated Resources and total resources of gold held by the states and territories in Australia. 39

Figure 3.14 Trends in Economic Demonstrated Resources for gold since 1975. 40

Figure 3.15 Australia’s major iron ore deposits based on total Identified Resources. 42

Figure 3.16 Percentages of Economic Demonstrated Resources and total resources of iron ore held by the states and territories in Australia. 43

Figure 3.17 Trends in Economic Demonstrated Resources for iron ore since 1975. 44

Figure 3.18 Australia’s major nickel deposits based on total Identified Resources. 46

Figure 3.19 Percentages of Economic Demonstrated Resources and total resources of nickel held by the states and territories in Australia. 47

Figure 3.20 Trends in Economic Demonstrated Resources for nickel since 1975. 48

Figure 3.21 Australia’s major rare earth deposits based on total Identified Resources. 50

Figure 3.22 Percentages of Economic Demonstrated Resources and total resources of rare earth oxides held by the states and territories in Australia. 51

Figure 3.23 Trends in Economic Demonstrated Resources for REO+Y2O3 since 1990. 52

Figure 3.24 Australia’s major uranium deposits based on total Identified Resources. 54

v


Figure 3.25 Percentages of Economic Demonstrated Resources (RAR recoverable at costs <US$130/kg U) and total resources of uranium held by the states and territories in Australia. 55

Figure 3.26 Trends in Reasonably Assured Resources for uranium since 1975. 56

Figure 3.27 Leading importers of critical commodities. 59

Figure 3.28 Geoscience Australia Critical Commodity Assessment. 59

Figure 4.1 Major mineral projects in Australia 2012. 65

Figure 5.1 Australia’s bauxite production. 67

Figure 5.2 Shares of world bauxite production (2012). 67

Figure 5.3 Australia’s saleable coal production 68

Figure 5.4 Shares of world black coal exports (2011). 68

Figure 5.5 Australia’s copper mine production. 69

Figure 5.6 Shares of world copper production (2012). 69

Figure 5.7 Australia’s gold mine production. 70

Figure 5.8 Shares of world gold production (2012). 70

Figure 5.9 Australia’s iron ore production. 71

Figure 5.10 Shares of world iron ore exports (2012). 71

Figure 5.11 Australia’s nickel mine production. 72

Figure 5.12 Shares of world nickel production in 2012. 72

Figure 5.13 Australia’s uranium production (tonnes U308). 73

Figure 5.14 Shares of world uranium production in 2012. 73

Figure A1 Australia’s national classification system for mineral resources. 76

Figure A2 Correlation of JORC Code mineral resource categories with Australia’s national mineral resource classification system. 78

Figure A3 Correlation of Australia’s national mineral resource classification system with United Nations Framework Classification (UNFC) system. 80

vi


List of tablesTable 1.1 Global mineral exploration spend and resource discoveries 2003 to 2012. 2

Table 1.2 How Australian states and the Northern Territory are ranked by a global survey of mining companies. 3

Table 2.1 Total, greenfields and brownfields drilling expenditure and metres for calendar years 2005 to 2012. 7

Table 2.2 Total, greenfields and brownfields drilling expenditure and metres for financial years 2005–06 to 2012–13. 8

Table 2.3 Exploration expenditure ($million) by commodity for calendar years 2005 to 2012. 10

Table 2.4 Exploration expenditure ($million) by commodity for financial years 2005–06 to 2012–13. 11

Table 2.5 A selection of Australian bauxite exploration results in 2012. 12

Table 2.6 A selection of Australian coal exploration results in 2012. 13

Table 2.7 A selection of Australian copper exploration results in 2012. 14

Table 2.8 A selection of Australian gold exploration results in 2012. 15

Table 2.9 A selection of Australian iron ore exploration results in 2012. 16

Table 2.10 A selection of Australian nickel exploration results in 2012. 16

Table 2.11 A selection of Australian rare earth elements exploration results in 2012. 17

Table 2.12 A selection of Australian uranium exploration results in 2012. 17

Table 3.1 Australia’s resources of major minerals and world figures as at December 2012 20

Table 3.2 World ranking of major mineral resources and production 2012. 23

Table 3.3 Australia’s resources of bauxite and world figures as at December 2012. 25

Table 3.4 World economic resources for bauxite. 26

Table 3.5 World production for bauxite. 26

Table 3.6 Indicative years of bauxite resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 27

Table 3.7 Coal classification terminology in Australia and Europe. 28

Table 3.8 Australia’s resources of black coal and world figures as at December 2012. 29

Table 3.9 Australia’s resources of brown coal and world figures as at December 2012. 30

Table 3.10 World economic resources for coal. 31

Table 3.11 World production for coal. 31

Table 3.12 Indicative years of black and brown coal resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 32

Table 3.13 Australia’s resources of copper and world figures as at December 2012. 34

Table 3.14 World economic resources for copper. 35

Table 3.15 World production for copper 35

Table 3.16 Indicative years of copper resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 36

Table 3.17 Australia’s resources of gold and world figures as at December 2012. 39

Table 3.18 World economic resources for gold. 39

Table 3.19 World production for gold. 39

Table 3.20 Indicative years of gold resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 40

Table 3.21 Australia’s resources of iron ore and contained iron with world figures as at December 2012. 43

Table 3.22 World economic resources for iron ore. 43

Table 3.23 World production for iron ore. 44

Table 3.24 Indicative years of iron ore resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 44

vii


Table 3.25 Australia’s resources of nickel with world figures as at December 2012. 47

Table 3.26 World economic resources ranking for nickel. 47

Table 3.27 World production ranking for nickel. 47

Table 3.28 Indicative years of nickel resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 48

Table 3.29 Australia’s resources of rare earth oxides with world figures as at December 2012. 50

Table 3.30 World economic resources for rare earth oxides. 51

Table 3.31 World production for rare earth elements. 51

Table 3.32 Australia’s resources of uranium with world figures as at December 2012. 54

Table 3.33 World economic resources for uranium. 55

Table 3.34 World production for uranium 55

Table 3.35 Indicative years of uranium resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year. 56

Table 3.36 Common uses of metals, non-metals and minerals in industrial and high-technology applications. 58

Table 4.1 Publicly announced mineral projects in Australia 2012. 61

Table 4.2 Mineral projects at feasibility stage in Australia 2012. 61

Table 4.3 Mineral projects committed to in Australia 2012. 61

Table 5.1 Australia’s bauxite production and exports 67

Table 5.2 Australia’s black coal production and exports 68

Table 5.3 Australia’s copper mine production and exports 69

Table 5.4 Australia’s gold production and exports. 70

Table 5.5 Australia’s iron ore production and exports 71

Table 5.6 Australia’s nickel production and exports 72

Table 5.7 Australia’s uranium production (tonnes U308). 73

Table A1 Allowance for mining and milling losses in the National and JORC Code systems. 79

viii



11. Introduction

Australia’s Mineral Resource Assessment 2013 is a new product jointly compiled by Geoscience Australia and the Bureau of Resources and Energy Economics. It is intended to be a regular publication. Production of minerals relies on a series of stages that form a project pipeline. This report breaks the pipeline into four parts – exploration, identification of resources, new mining and associated infrastructure projects and, finally, mineral production.

Australia is one of the world’s leading exploration and mining nations and a major source of minerals and metals. Australia produces 43 elements and has known resources of another 13 elements. In addition to these 56 elements, Australia is prospective for another 9 elements. Figure 1.1 provides a snap shot of Australia’s diverse inventory of commodities from exploration projects through to production.

Australia has the world’s largest resources of gold, iron ore, lead, nickel, rutile, uranium, zinc and zircon as well as the second largest resources of bauxite, cobalt, copper, ilmenite, niobium, silver, tantalum and thorium. Australia’s resources of black coal, brown coal, magnesite, tungsten, lithium, manganese ore, rare earths and vanadium are ranked in the top five in the world.

In 2012, Australia accounted for about 13% of global exploration expenditure, ranking it in the top five regions in the world for exploration expenditure. On a country-by-country basis, Australia has the second highest mineral exploration expenditure after Canada. Australia is one of the leading regions in the share of discoveries, with over 16% of the global discoveries in recent years (Table 1.1). Over the period from 2003 to 2012, Australia’s exploration productivity, measured in terms of the ratio of exploration spend to the number of discoveries, was one of the best in the world (Table 1.1).

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Darmstadtium Roentgenium Copernicium Ununtrium Flerovium Ununpentium Livermorium Ununseptium Ununoctium

Figure 1.1 Periodic table of elements showing the status of production, development and exploration in Australia.

2


Table 1.1 Global mineral exploration spend and resource discoveries 2003 to 2012.

RegionExploration

spend ($billion)Percentage of world exploration spend

Number of discoveries

Percentage of world discoveries

Spend/Discovery Ratio ($million)

Latin America 28 23% 118 23% 237

Canada 22 18% 65 12% 338

China, Eastern Europe, former Soviet Union and Rest of the world

22 19% 77 15% 286

Africa 17 14% 116 22% 147

Australia 12 10% 83 16% 145

United States of America 9 8% 20 4% 450

Pacific and Southeast Asia 6 5% 23 4% 260

Western Europe 3 3% 22 4% 136

Total 119 100% 524 100% 227

Source: MinEx Consulting, Long-term outlook for the global exploration industry, July 2013.

Exploration spending has risen sharply over the past decade but has recently started to fall back both globally and in Australia. Although exploration expenditure on greenfield areas has increased in the period since the global financial crisis of 2007-08, a greater focus on expanding existing mines has resulted in a more rapid rise in exploration expenditure near known deposits and mines (brownfields). Thus, the share of exploration expenditure committed to greenfield (frontier) regions has declined in the past five years.

In response to this recent decline, the Council of Australian Government’s Standing Council on Energy and Resources released the National Mineral Exploration Strategy1 in 2012. The strategy’s objective is to improve Australia’s discovery rate, make Australia competitive in attracting mineral exploration investment and ensure the longevity of Australia’s minerals industry and the country’s continuing prosperity by addressing Australia’s covered greenfields exploration challenge. The National Mineral Exploration Strategy includes a renewed commitment to generation and delivery of government-funded pre-competitive geoscience from all jurisdictions.

Additionally, the Australian Academy of Science has launched the national geoscience initiative, the UNCOVER program2, which is a collaborative network between the exploration industry, university research groups, the Commonwealth Scientific and Industrial Research Organisation, government geoscience agencies and cooperative research centres. UNCOVER is focussed on four key research themes to bring competitive advantage to Australian mineral exploration:

1. Characterising Australia’s cover — new knowledge to confidently explore beneath the cover.

2. Investigating Australia’s lithospheric architecture a whole-of-lithosphere architectural framework for mineral systems exploration.

3. Resolving the 4D geodynamic and metallogenic evolution of Australia — understanding ore deposit origins for better prediction.

4. Characterising and detecting the distal footprints of ore deposits — towards a toolkit for minerals exploration.

Mineral endowment and public policy factors affect exploration investment sentiment. The policy potential index (PPI) is assessed in the Fraser Institute’s annual survey of mining companies. The PPI measures the overall policy attractiveness of the 96 jurisdictions in the 2012–2013 survey, which is normalised to a maximum score of 100. All Australian states and the Northern Territory rank above 50 on the PPI, with Western Australia, South Australia, Northern Territory and Victoria in the top 25 (Table 1.2). In the survey’s evaluation of the mineral potential of each jurisdiction, Western Australian and the Northern Territory were ranked 9th and 10th as an attractive destination for investment, respectively, with South Australia and Queensland, 20th and 25th (Table 1.2).

1 The National Mineral Exploration Strategy: http://www.scer.gov.au/workstreams/geoscience/national-exploration-strategy/

2 aUNCOVER: http://science.org.au/policy/uncover.html

http://www.scer.gov.au/workstreams/geoscience/national-exploration-strategy/

http://science.org.au/policy/uncover.html

3


Table 1.2 How Australian states and the Northern Territory are ranked by a global survey of mining companies.

Australian JurisdictionPolicy Potential Index

(max. value = 100)Policy Potential Index Global Rank out of 96

Global Rank of Mineral Potential out of 96

New South Wales 56.4 44 46

Northern Territory 68.5 22 10

Queensland 62.8 32 25

South Australia 75.5 20 20

Tasmania 54.1 49 61

Victoria 66.0 24 57

Western Australia 79.3 15 9

Source: Fraser Institute, Annual Survey of Mining Companies 2012–2013.

Australia’s minerals sector has a strong professional code of practice, the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (referred to as the JORC Code), which sets minimum standards for public reporting. The JORC Code provides a system for the classification of Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations for the purpose of informing investors or potential investors. The revised JORC Code (2012 Edition)3 and the new Australian Securities Exchange (ASX)4 Listing Rules strengthen the disclosure of reserves and resources information by ASX-listed mining and production companies.

The public reports of mineral resources under the JORC Code provide the foundational information for the annual assessment of the national mineral resources inventory. Australia’s resources for most of the major commodities can sustain current rates of mine production for many decades. Australia’s Economic Demonstrated Resources (EDR) for most major mineral commodities have increased as a result of new discoveries and incremental increases in resources at known deposits over the past three decades.

This increase in EDR has supported a substantial increase in the production of mineral commodities over the past decade. This period, often referred to as the ‘mining boom’ has delivered substantial economic benefits to Australia. In the period from 2003–04 to 2012–13, over 150 000 new jobs were created in the Australian mining sector and export revenues from mineral commodities have tripled to around $150 billion. Based on estimates from the Reserve Bank of Australia5, the Australian resources economy (including both minerals and petroleum products) accounted for around 18% of Australia’s GDP in 2011–12. With many identified resources yet to be fully developed, there is still significant potential for further growth in the Australian mining sector and the economic benefits it delivers.

Australia’s mineral endowment (Figure 1.1) includes many of the elements regarded as ‘critical’ by other countries, reflecting a combination of risk of supply and the importance of a particular commodity to the country’s economy and security6. Critical commodities are reflected in Australia’s mineral production, resource and exploration. Australia’s Mineral Resource Assessment 2013 presents a selection of commodities – bauxite, coal, copper, gold, iron ore, nickel, rare earth elements and uranium – that are of strategic importance to Australia.

3 JORC Code (2012 Edition): http://www.jorc.org/docs/jorc_code2012.pdf

4 Australian Securities Exchange: http://www.asx.com.au

5 Rayner, V. and Bishop, J., (2013) Industry Dimensions of the Resource Boom: An Input-Output Analysis. http://www.rba.gov.au/publications/rdp/2013/2013-02.html

6 Critical commodities for a high-tech world. http://www.ga.gov.au/corporate_data/76526/76526.pdf

http://www.jorc.org/docs/jorc_code2012.pdf

http://www.asx.com.au

http://www.rba.gov.au/publications/rdp/2013/2013-02.html

http://www.ga.gov.au/corporate_data/76526/76526.pdf

4



52. Mineral Exploration

OverviewThe mineral resources upon which the global mining industry depends have been, and will continue to be, discovered by searching new areas, not only at the Earth’s surface but also, increasingly, at depth. The Australian exploration industry is one of the most sophisticated and successful in the world, although Australia faces growing challenges in maintaining investment share and discovery rates against global competition. As shown on the following pages, expenditure on mineral exploration in Australia has increased greatly over the years to 2012 (Figures 2.1 and 2.2), resulting in new discoveries and major increases to the nation’s resource base.

The mineral exploration process can be divided into several stages, commencing generally with data compilation and assessment to identify new areas with discovery potential. These may be near known mineral deposits or mines, commonly referred to as ‘brownfields’, or may be remote from known deposits (greenfields) in areas that are deemed to have geological characteristics favourable for mineralisation. Although some parts of Australia have been intensively explored and many mineral discoveries have been made, there remain vast areas of the Australian continent that have not yet been explored for minerals, as outlined below. In Australia, information used by the mineral industry at this early exploration stage is a combination of corporate and publicly-available data, some of which is provided by Australian federal, state and territory governments (see “Pre-competitive geoscience information” on page 11).

The next stage of mineral exploration generally involves the acquisition of new data by exploration companies on their tenements, including geological, geophysical and geochemical data, and the identification of anomalous zones and new prospects. Discoveries of new mineral deposits are made through drill-testing targets and, although success rates are relatively low, it is at this stage when considerable value can be added. Many of the results presented later in this section (Tables 2.5 to 2.12) represent this early to middle stage of exploration.

The following stage, termed ‘advanced exploration’, involves definition of a mineral resource (e.g., under Australia’s JORC Code, see Appendix 1) and requires considerable investment, particularly in drilling. Whether or not it is economic to mine a mineral resource depends on many factors including technical, financial and regulatory constraints. The viability of an advanced exploration project with a defined resource will normally be determined during prefeasibility and feasibility studies, which will form the basis of the decision on whether to proceed to the development and mining stages.

Risk and reward vary through these stages of mineral exploration, from high risk and high reward during the early-exploration stage to lower risk and correspondingly lower value-adding (relative to investment) during the later stages of the process. Risk in exploration investment is also considered to be higher in greenfields than in brownfields regions, although the opportunities for discovery of very large mineral deposits in previously unknown greenfields mineral provinces is a strong driver for some companies. Nevertheless, the trend in drilling statistics showing an increasing proportion of drilled metres in brownfields over greenfields in recent years (Figures 2.3 and 2.4) may indicate increasing aversion to risk despite the potential rewards of a major greenfields discovery.

Mineral Exploration ExpenditureThe Australian Bureau of Statistics states that mineral exploration expenditure (non-petroleum) in the 2012 calendar year was $3655.8 million, an increase of 2% relative to 2011 figure of $3573.3 million (Figure 2.1). However, mineral exploration for the financial year 2012–13, totalling $3055.3 million (Figure 2.2), decreased by 23% relative to the 2011–12 financial year ($3953.0 million).


6

2005 20122006 2007 2008 2009 2010 2011

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Total annual exploration expenditure for Australia

Expl

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expe

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13-7383-52

Figure 2.1 Australian mineral exploration expenditure per calendar year, 2005 to 2012.

Source: Australian Bureau of Statistics.

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2005 06 2006 07 2007 08 2008 09 2009 10 2010 11 2011 12 2012 13

Figure 2.2 Australian mineral exploration expenditure per financial year (1 July to 30 June), 2005–06 to 2012–13.


A similar pattern played out when comparing mineral exploration expenditure directed both in and around known deposits (brownfields) and at undiscovered mineralisation in frontier regions (greenfields) (Table 2.1 and Figure 2.3). For the 2012 calendar year, brownfields exploration expenditure increased by 2.2% to $2483.2 million and greenfields increased by 2.5%

to $1172.7 million. However, drilling decreased in brownfield regions by 6% to 6.914 million metres and in greenfields by 10% to 3.274 million metres. Total metres drilled for the 2012 calendar year decreased by 7% to 10.188 million metres (Table 2.1 and Figure 2.3).


7

The 2012–13 financial year saw a decrease in both mineral exploration expenditure and in the number of metres drilled (Figure 2.4). Compared to 2011-12, brownfields exploration decreased by 25% to $2037.1 million and greenfields expenditure decreased

by 18% to $1018.4 million. Brownfields drilling decreased by 26% to 5.691 million metres and greenfields drilling decreased by 26% to 2.729 million metres. Total metres drilled decreased by 26% to 8.420 million metres.

Table 2.1 Total, greenfields and brownfields drilling expenditure and metres for calendar years 2005 to 2012.

Year 2005 2006 2007 2008 2009 2010 2011 2012

Brownfields ($million) 713.9 931.1 1266.1 1570.9 1261.2 1537.2 2429.5 2483.2

Greenfields ($million) 422.3 532.9 794.9 1037.3 761.7 953 1143.8 1172.7

Total expenditure ($million) 1136.1 1463.9 2061.1 2608.3 2023.2 2469.1 3573.3 3655.8

Brownfields (‘000 metres) 4069 4720 5554 5938 4946 5391 7325 6914

Greenfields (‘000 metres) 2600 3013 3553 3755 2436 3318 3642 3274

Total drilling (‘000 metres) 6669 7733 9107 9693 7382 8709 10967 10188

Source: Australian Bureau of Statistics; Brownfields and greenfields figures may vary from the totals because of rounding.

2005 20122006 2007 2008 2009 2010 2011

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Figure 2.3 Greenfields and brownfields drilling expenditure and metres for the calendar year, 2005 to 2012.



8

Table 2.2 Total, greenfields and brownfields drilling expenditure and metres for financial years 2005–06 to 2012–13.

Year 2005–06 2006–07 2007–08 2008–09 2009–10 2010–11 2011–12 2012–13

Brownfields ($million) 783.4 1104.6 1448.6 1383.9 1379.0 1913.8 2710.0 2037.1

Greenfields ($million) 457.5 609.9 1012.7 839.2 853.4 1037.5 1243.0 1018.4

Total expenditure ($million) 1240.9 1714.5 2461.3 2223.1 2232.4 2951.3 3953.0 3055.5

Brownfields (‘000 metres) 4219 5215 5835 5167 5245 6263 7708 5691

Greenfields (‘000 metres) 2618 3239 3920 2720 3055 3436 3700 2729

Total drilling (‘000 metres) 6837 8454 9755 7887 8300 9699 11408 8420

Source: Australian Bureau of Statistics; Brownfields and greenfields figures may vary from the totals because of rounding.

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Figure 2.4 Greenfields and brownfields drilling expenditure and metres per financial year (1 July to 30 June), 2005–06 to 2012–13.


On a state by state basis, the 2012 calendar year recorded increases in exploration in Western Australia (up 13% on 2011 to $2052.6 million) and Tasmania (up 5% on 2011 to $40.7 million). All other jurisdictions had decreased exploration expenditure compared to the previous year. Minor falls in exploration expenditure were recorded in South Australia (down 0.4% to $311.6 million), New South Wales (down 1% to $209.8 million) and Queensland (down 5% to $844.4 million). Significant falls were recorded in Victoria (down 32% to $44.1 million) and the Northern Territory (down 33% to $152.6 million) (Figure 2.5).

The recent decline in mineral exploration expenditure is more apparent in the 2012–13 financial year: Compared to the 2011–12 financial year, Western Australia decreased by 16% to $1763.4 million, New South Wales decreased by 23% to $187.3 million, South Australia decreased by 30% to $230.4 million, Queensland decreased by 31% to $663.6 million, Victoria decreased by 34% to $38.5 million and the Northern Territory decreased by 37% to $131.7 million. Tasmania was the sole exception with an increase in exploration expenditure of 2.8% to $40.4 million (Figure 2.6) compared to the previous financial year.


9

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Figure 2.6 Exploration expenditure in Australian states and the Northern Territory per financial year (1 July to 30 June), 2005–06 to 2012–13.



10

Trends in exploration expenditure by commodity varied over the 2012 calendar year (Table 2.3 and Figure 2.7). Compared to the previous year, exploration spending in 2012 increased for iron ore (up 29% to $1163.0 million), copper (up 5% to $413.7 million), gold (up 5% to $740.9 million) and silver-lead-zinc (up 0.7% to

$83.3 million). Decreases in expenditure were recorded for uranium (down 48% to $98.3 million), coal (down 6% to $709.0 million), nickel-cobalt (down 10% to $235.7 million) and spending associated with minor commodities, such as manganese, molybdenum, phosphate, tin, tungsten and vanadium (down 27% to $164.4 million).

Table 2.3 Exploration expenditure ($million) by commodity for calendar years 2005 to 2012.

Year 2005 2006 2007 2008 2009 2010 2011 2012

Coal 145.6 198.7 192.6 276.3 312.7 361.8 757.4 709.0

Copper 105.8 177.5 263.7 293 134.8 261.4 395.9 413.7

Diamond 22.8 27.8 18.4 17.3 7.8 - 2.8 4.1

Gold 384.1 429.8 502.9 569.9 463.3 624.1 708.8 740.9

Iron ore 152.2 224.7 354.1 583 521.2 553.3 905.3 1163.0

Mineral sands 30.1 31.3 36.5 37.5 28.4 - 17.2 31.2

Nickel, cobalt 168.1 147.9 251.2 324 186.3 235.7 262.1 235.7

Silver, lead, zinc 46.5 100.7 187.4 133.1 48.2 66.6 82.7 83.3

Uranium 37.7 80.7 181.4 220.5 179.6 190 189.6 98.3

Other 43.2 45.3 72.5 153.4 140.7 162.6 223.6 164.4

Source: Australian Bureau of Statistics

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Figure 2.7 Exploration expenditure by commodity for calendar years 2005 to 2012.



11

Conversely, exploration spending in the 2012–2013 financial year decreased for all commodities compared to the preceding period (Table 2.4 and Figure 2.8). Exploration expenditure on iron ore declined by 12% to $1011.3 million, gold decreased by 14% to $661.8 million, base metals, copper, cobalt and nickel declined by 29%

to $563.7 million, coal was down 35% to $544.0 million, uranium declined 55% to $69.5 million and spending associated with minor commodities, such as manganese, molybdenum, phosphate, tin, tungsten and vanadium, was down 19% to $161.2 million.

Table 2.4 Exploration expenditure ($million) by commodity for financial years 2005–06 to 2012–13.

Year 2005–06 2006–07 2007–08 2008–09 2009–10 2010–11 2011–12 2012–13

Coal 166.4 193.3 234.8 297.3 321.1 519.7 834.3 544.0

Copper, lead, zinc, silver, nickel, cobalt

356.6 555.0 783.4 519.0 457.2 669.4 795.5 563.7

Diamond 22.6 26.9 21.7 10.1 3.7 3.6 3.3 6.3

Gold 399.7 455.8 592.7 438.1 575.4 652.1 768 661.8

Iron ore 161.2 285.3 449.8 588.7 524.1 664.9 1150.7 1011.3

Mineral sands 29.2 37.4 37.1 30.5 16.0 6.2 20.3 37.8

Uranium 56.1 114.1 231.6 185.6 169.0 213.9 153.7 69.5

Other 49.0 46.8 110.4 154.1 147.1 196.3 199.3 161.2

Source: Australian Bureau of Statistics

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Figure 2.8 Exploration expenditure by commodity per financial year (1 July to 30 June), 2005–06 to 2012–13.



12

Australia is an under-explored continentDiscoveries continue to be made in both brownfield and greenfield provinces. Since 1990, more than twelve new world-class mineral deposits have been discovered. Significant discoveries are being made in established mining districts, even in regions where there has been production for over one hundred years. The past decade has seen the discovery of, or substantial addition to, resources at significant deposits across the country. However, despite a long history of discovery, the Australian continent remains effectively under-explored, particularly at depths of greater than one hundred metres.

Pre-competitive geoscience informationThe Australian, state and Northern Territory governments undertake various geoscience programs to support mineral and petroleum exploration in Australia. These programs provide pre-competitive geoscience information and datasets, particularly covering important areas, as a basis for exploration in both proven and greenfields mineral provinces. Datasets include high-resolution geophysical data, including regional gravity, deep-seismic surveys and airborne magnetic data and radiometric data.

The geophysical data are supported by geological maps, databases of geochemical data and mineral occurrence/deposit information, GIS datasets, reports and interpretative products and are made available to potential explorers either via the internet or as other products in digital formats. The Australian Government, the Northern Territory Government and several state governments are undertaking geoscientific programs to acquire a range of geological and geophysical data to support exploration.

Selected Exploration Results 2012Exploration results from 2012 for bauxite (Table 2.5), coal (Table 2.6), copper (Table 2.7), gold (Table 2.8), iron ore (Table 2.9), nickel (Table 2.10), rare earths (Table 2.11) and uranium (Table 2.12) have been selected by Geoscience Australia from publicly available information sources. This selection is based on their likely future significance for the Australian exploration and mining industries. More details can be found in the Geoscience Australia publication ‘Australian Mineral Exploration Review 2012’7, and on company websites and from the Australian Securities Exchange.

7 Australian Mineral Exploration Review 2012: http://www.ga.gov.au/corporate_data/75165/75165_web.pdf

Table 2.5 A selection of Australian bauxite exploration results in 2012.

Project State Company Significant Results

Binjour Qld Australian Bauxite Ltd 4 m @ 36.66% Al2O3.

8 m @ 48.78% Al2O3.

Felicitas WA Bauxite Resources Ltd Grades of 25% Al2O3 or greater over thicknesses of 2-16 m.

Al2O3 = alumina; m = metres; Qld = Queensland; WA = Western Australia.

Source: Geoscience Australia.

http://www.ga.gov.au/corporate_data/75165/75165_web.pdf


13

Table 2.6 A selection of Australian coal exploration results in 2012.


Ferndale NSW Whitehaven Coal Ltd Updated Indicated Resource of 7.8 Mt and Inferred Resource of 361 Mt bituminous coal.

Tahmoor South

NSW Glencore Xstrata plc Updated Probable Reserve of 29 Mt coking coal, Indicated Resource of 150 Mt and Inferred Resource of 170 Mt.

Milray Qld Glencore Xstrata plc Maiden Inferred Resource of 610 Mt.

Bushranger Qld Cockatoo Coal Ltd Maiden Indicated Resource of 18.8 Mt and Inferred Resource of 126 Mt black coal.

Bymount Qld Blackwood Corporation Ltd

Exploration target identified from historical data, coal intersected.

Injune Qld Aquila Resources Ltd Maiden Measured and Indicated Resource of 155.5 Mt and Inferred Resource of 671.4 Mt thermal coal.

Further contiguous coal deposits identified.

Taroom Qld Blackwood Corporation Ltd

Exploration target identified from historical data, coal intersected.

South Pentland

Qld Blackwood Corporation Ltd

Exploration target identified from historical data and geophysics, coal intersected.

Pentland Qld Glencore Xstrata plc Maiden Measured Resource of 65 Mt, Indicated Resource of 15 Mt and Inferred Resource of 20 Mt.

Pearl Creek/Dingo

Qld Whitehaven Coal Ltd Maiden Indicated Resource of 6.6 Mt and Inferred Resource of 34.0 Mt black coal.

Hughenden Qld Guildford Coal Ltd Maiden Indicated Resource of 123.63 Mt and Inferred Resource of 1619 Mt thermal coal.

Clyde Park Qld White Mountain Pty Ltd

Updated Inferred Resource of 623 Mt thermal coal.

Blackall Qld Coalbank Ltd Maiden Inferred Resource of 1249 Mt sub-bituminous coal.

South Blackall Qld International Coal Ltd Updated Inferred Resource of 1246 Mt thermal coal.

Coal seams of over 5.5 m thick.

Yellow Jacket Qld Cuesta Coal Ltd Exploration target identified, coal intersected.

Talisker North WA Attila Resources Ltd New discovery of sub-bituminous coal seams ranging between 3.4 and 4.3 m thick.

Thorn Hill Qld Cuesta Coal Ltd Upgraded Indicated Resource of 22.1 Mt and Inferred Resource of 22.5 Mt thermal coal.

Moorlands Qld Cuesta Coal Ltd Upgraded Measured Resource of 14.6 Mt, Indicated Resource of 9.7 Mt and Inferred Resource of 29.1 Mt thermal coal.

Amberley Qld Cuesta Coal Ltd Upgraded Inferred Resource of 54.7 Mt thermal coal.

Orion Downs Qld U&D Mining Industry Australia Pty Ltd

Upgraded Measured Resource of 31.8 Mt, Indicated Resource of 11.6 Mt and Inferred Resource of 8.0 Mt black coal.

Rockwood Qld U&D Mining Industry Australia Pty Ltd

Upgraded Indicated Resource of 44.5 Mt and Inferred Resource of 292.8 Mt black coal.

Lake Phillipson

SA White Energy Company Ltd

Updated resource of 1130 Mt black coal.

Myroodah WA Rey Resources 2 km occurrence of shallow, continuous coal subcrop north of Duchess Paradise deposit.

Mt = million tonnes; m = metres; km = kilometres; NSW = New South Wales; Qld = Queensland; SA = South Australia; WA = Western Australia.



14

Table 2.7 A selection of Australian copper exploration results in 2012.


Wirrilah NSW Arks Mines Ltd 27 m @ 0.2% Cu.

Mallee Bull NSW Peel Mining Ltd 69 m @ 3.48% Cu, 34 g/t Ag and 0.14 g/t Au (including a high grade zone of 18 m @ 9.35% Cu, 83 g/t Ag and 0.43 g/t Au).

Meritilga NSW Clancy Exploration Ltd

4 m @ 20 g/t Au, 0.26% Cu and 30.2 g/t Ag (including 1 m @ 62 g/t Au and 60 g/t Ag).

31 m @ 0.4 g/t Au, 0.18% Cu and 16 g/t Ag (including 11 m @ 0.8 g/t Au, 0.5% Cu and 19.5 g/t Ag).

Mayfield (a) NSW Capital Mining Ltd 20 m @ 6.86 g/t Au, 2.1 g/t Ag, 0.27% Cu and 46.3% Fe.

36 m @ 1.81 g/t Au, 4.3 g/t Ag, 0.1% Cu and 29% Fe.

4.0 Mt @ 0.4% Cu, 0.7 g/t Au, 8.8 g/t Ag, 0.2% Zn and 25.4% Fe.

0.9 Mt @ 2.36% Zn, 5.9 g/t Ag and 0.1% Cu.

Golden King NSW Silver City Minerals Ltd

22 m @ 0.61% Cu.

12 m @ 0.41% Cu.

12 m @ 1.34% Cu.

Rover 12 NT Adelaide Resources Ltd

4 m @ 1.22% Cu and 5.57 g/t Au.

17 m @ 0.76% Cu and 0.02 g/t Au.

Goanna NT Emmerson Resources Ltd

24 m @ 1.95% Cu (including 9 m at 3.18% Cu and 984 ppm Bi).

24 m @ 2.18% Cu and 29.3% Fe (including 4.7 m at 3.37% Cu and 0.13 g/t Au).

Andy’s Hills Qld Syndicated Metals Ltd 1.3% Cu, 0.5 g/t Au and up to 0.21% La.

Starra 276 Qld Ivanhoe Australia Ltd 20 m @ 2.56% Cu and 0.75 g/t Au (including 1.6 m @ 9.45% Cu and 1.62 g/t Au).

18 m @ 2.01% Cu and 0.91 g/t Au (including 2 m @ 4.5% Cu and 3.51 g/t Au).

Sefton Qld Coppermoly Ltd Identification of induced polarisation anomaly thought to relate to iron, and possibly copper or molybdenum mineralisation.

White Horse Qld ActivEX Ltd and Coppermoly Ltd

26 m @ 0.85% Cu.

28 m @ 0.96% Cu.

92 m @ 0.36% Cu (including 15 m @ 1.09% Cu).

Willamulka SA Adelaide Resources Ltd

11 m @ 0.98% Cu and 0.93 g/t Au.

10 m @ 0.7% Cu.

14 m @ 1.04% Cu and 0.32 g/t Au.

Carrapateena SA OZ Minerals Ltd 1131 m @ 1.52% Cu and 0.63 g/t Au (including 111 m @ 2.96% Cu and 0.4 g/t Au).

1492 m @ 0.9% Cu and 0.38 g/t Au.

Mt Jukes Tas Jaguar Minerals Ltd and Corona Gold Ltd

122 m @ 0.4% Cu.

BM7 WA Encounter Resources Ltd

227 m @ 0.22% Cu and 338 ppm Co.

102 m @ 0.19% Cu and 243 ppm Co.

7 m @ 0.25% Cu and 250 ppm Co.

Imperial WA Integra Mining Ltd 19 m @ 4.39 g/t Au (including 6.2 m @ 13.43 g/t Au and 1.5% Cu).

Rinaldi WA Horseshoe Metal Ltd 13 m @ 2.7% Cu (including 2 m @ 14.4% Cu).

28 m @ 1.8% Cu (including 3 m @ 7.5% Cu).

Marymia WA Riedel Resources Ltd 247 ppb Au, 117 ppm Cu, 3.71 ppm Ag.

45.9% Fe, 61.9 ppm W.

Ag = silver; Au = gold; Bi = bismuth; Co = cobalt; Cu = copper; Fe = iron; La = lanthanum; W = tungsten; g/t = grams per tonne; ppm = parts per million; ppb = parts per billion; Mt = million tonnes; m = metres; NSW = New South Wales; NT = Northern Territory; Qld = Queensland; SA = South Australia; Tas = Tasmania; WA = Western Australia.



15

Table 2.8 A selection of Australian gold exploration results in 2012.


Ruby Lode NSW Cortona Resources Ltd 2 m @ 12.3 g/t Au.

5 m @ 6.77 g/t Au.

Sorpresa NSW Rimfire Resources Ltd 14 m @ 24.4 g/t Au (including 2 m @ 118 g/t Au).

Mt Carrington NSW White Rock Minerals Ltd Updated Indicated Resource of 153 000 oz Au and Inferred Resource of 131 000 oz Au.

Updated Indicated Resource of 4.3 Moz Ag and Inferred Resource of 19 Moz Ag.

Frasers Find NSW Sovereign Gold Company Ltd

18 g/t to77 g/t Au.

214 g/t to 1110 g/t Ag.

0.9% to 5.46% Pb.

Old Pirate NT ABM Resources NL New mineralised zone of 24 m strike length @ 83.9 g/t Au.

Total mineralised zone of 582 m strike length @ 23.98 g/t Au.

Hyperion NT ABM Resources NL 26 m @ 2.95 g/t Au (including 17 m @ 4.36 g/t Au).

35 m @ 1.27 g/t Au (including 1 m @ 8.44 g/t Au).

Groundrush NT Tanami Gold NL 17 m @ 109 g/t Au (including 0.6 m @ 3000 g/t Au).

25 m @ 3.2 g/t Au.

18 m @ 3.3 g/t Au.

1.8 m @ 53.9 g/t Au.

Ripcord NT Tanami Gold NL 52 m @ 2.1 g/t Au.

11 m @ 4.0 g/t Au.

12 m @ 2.2 g/t Au.

Homeward Bound

QLD Centius Gold Ltd 200 m-long target zone returning values >1.0 g/t Au and many >14 g/t Au from 72 samples.

Triumph QLD Roar Resources Ltd 6 m @ 3.85 g/t Au and 10 g/t Ag (including 1 m @ 21.5 g/t Au and 44.6 g/t Ag).

1 m @ 5.98 g/t Au and 16.1 g/t Ag.

Tarcoola SA Mungana Goldmines Ltd 20.4 m @ 21.49 g/t Au.

20.4 m @ 8.36 g/t Au.

Bartel SA Archer Exploration Ltd Identification of a new gold system, sample grades up to 2 g/t Au.

Cutana SA Renaissance Uranium Ltd Soil geochemistry results of up to 53 ppb Au.

Corona WA Alacer Gold Corporation 2.35 m @ 658 g/t Au.

1.9 m @ 225.2 g/t Au.

Paddock Well WA Bulletin Resources Ltd Rock-chip sample results included 10.5 g/t Au, 24.1 g/t Au and 11.3 g/t Au.

Earlobe WA Sirius Resources NL 20 m @ 3.18 g/t Au (including 2 m @ 26.6 g/t Au).

19 m @ 1.56 g/t Au (including 4 m @ 6.09 g/t Au).

Mt Monger Reefs

WA Integra Mining Ltd 5 m @ 2.84 g/t Au.

4 m @ 2.12 g/t Au.

Kalgoorlie East

WA MRG Metals Ltd 25 soil sample results >100 ppb Au, up to 547 ppb Au.

Gwendolyn East

WA Vector Resources Ltd 5 m @ 253.33 g/t Au (including 1 m @ 1165 g/t Au).

1 m @ 56 g/t Au.

1 m @ 17.99 g/t Au.

2 m @ 16.6 g/t Au.

12 m @ 8.38 g/t Au.

Bullant WA Kalgoorlie Mining Company Ltd

1.66 m @ 20.98 g/t Au.

3.21 m @ 5.65 g/t Au.

Four Eagles VIC Catalyst Metals Ltd 3 m @ 0.41 g/t Au.

3 m @ 1.1 g/t Au.

3 m @ 5.18 g/t Au.

Tandarra VIC Navarre Minerals Ltd 4 m @ 9.4 g/t Au (including 1 m @ 33.6 g/t Au).

Glen Wills VIC Synergy Metals Ltd 0.70 m @ 6.14 g/t Au and 1.47 g/t Ag (including 0.39 m @ 10.85 g/t Au and 2.50 g/t Ag).

2.60 m @ 3 g/t Au and 1.93 g/t Ag (including 0.95 m @ 5.67 g/t Au and 2.50 g/t Ag).

Ag = silver; Au = gold; Pb = lead; g/t = grams per tonne; ppb=parts per billion; oz = ounce; Moz = million ounces; m = metres; NSW = New South Wales; NT = Northern Territory; Qld = Queensland; SA = South Australia; WA = Western Australia.



16

Table 2.9 A selection of Australian iron ore exploration results in 2012.


Roper Bar NT Western Desert Resources Ltd

5 m @ 47.7% Fe, 22.9% SiO2 and 2.9% Al2O3.

4 m @ 46.7% Fe, 25.6% SiO2 and 1.9% Al2O3.

Sequoia SA Apollo Minerals Ltd 66 m @ 38% Fe.

24 m @ 41.0% Fe.

6 m @ 42.4% Fe.

8 m @ 40.2% Fe.

Kalabity SA PepinNini Minerals Ltd 47.9% to >67.3% Fe from outcrop samples.

Sirius WA Brockman Resources Ltd 99.15 m @ 62.0% Fe.

70.05 m (cumulative thickness from two zones) @ 60.6% Fe.

Booylgoo Range

WA Enterprise Metals Ltd 25-40% Fe from 18 outcrop samples.

59% to 62% Fe from two outcrop samples.

Three Pools WA Sheffield Resources Ltd 50 m @ 57.5% Fe.

42 m @ 57.6% Fe.

52 m @ 56.9% Fe.

46 m @ 56.2% Fe.

West Angelas WA Chrysalis Resources Ltd 22 m @ 48.1% Fe.

28 m @ 55.5% Fe (including 12 m @ 51.3% Fe).

12 m @ 51.3% Fe.

Peak Hill WA Padbury Mining Ltd and Aurium Resources

34 m @ 57.3% Fe.

27 m @ 57.8% Fe.

Woodley WA Golden West Resources Ltd

12 m @ 55.8% Fe.

10 m @ 58.2 % Fe.

16 m @ 58.8% Fe.

Al2O3 = alumina; Fe = iron; Si = silica; m = metres; NT = Northern Territory; SA = South Australia; WA = Western Australia.


Table 2.10 A selection of Australian nickel exploration results in 2012.


Nova WA Sirius Resources NL 13.3 m @ 3.9% Ni, 2.0% Cu, 0.12% Co and 3.7 g/t Ag (including 7.15 m @ 5.1% Ni, 2.35% Cu, 0.15% Co and 4.0 g/t Ag).

Lanfranchi WA Panoramic Resources Ltd 39.5 m @ 1.79% Ni.

34.18 m @ 1.93% Ni.

46.72 m @ 1.84% Ni.

Ag = silver; Co = cobalt; Cu = copper; Ni = nickel; g/t = grams per tonne; m = metres; WA = Western Australia.



17

Table 2.11 A selection of Australian rare earth elements exploration results in 2012.


Charley Creek NT Crossland Uranium Mines Ltd

New Indicated Resource of 387 Mt containing 27 275 t xenotime, 160 900 t monazite and 195 580 t zircon.

New Inferred Resource of 418 Mt containing 30 690 t xenotime, 167 235 t monazite and 219 980 t zircon.

Stromberg NT TUC Resources Ltd 5 m @ 0.43% TREO of which 81.9% is HREO, and including 1 m @ 0.92% TREO.

3 m @ 0.52% TREO (88.6% HREO/TREO).

2 m @ 0.43% TREO (95.6% HREO/TREO).

Mary Kathleen QLD Chinalco Yunnan Copper Resources Ltd and Goldsearch Ltd

19 m @ 2050 ppm TREO, 0.17 kg/t ThO2 and 0.04 kg/t U3O8.



Coorabulka QLD Krucible Metals Ltd 1.2 kg/t Y2O3, 4.02 kg/t Nd2O3, 1.08 kg/t Pr2O3 and 0.23 kg/t Dy2O3 from surface samples.

John Galt WA Northern Minerals 42% TREO including 3.68% Dy2O3 from rock chips.

Browns Range WA Northern Minerals 32 m @ 1.73% TREO (including 5 m @ 4.36% TREO).

20 m @ 2.36% TREO (including 9 m @ 4.92% TREO).

13 m @ 1.72% TREO (including 5 m @ 4.07% TREO).

Dy2O3 = dysprosium oxide; Nd2O3 = neodymium oxide; Pr2O3 = praseodymium oxide; ThO2 = thorium dioxide; U3O8 = uranium oxide; Y2O3 = yttrium oxide; HREO = heavy rare earth oxides; TREO = total rare earth oxides; kg/t = kilograms per tonne; Mt = million tonnes; t = tonnes; m = metres; NT = Northern Territory; Qld = Queensland; WA = Western Australia.


Table 2.12 A selection of Australian uranium exploration results in 2012.


Fitton SA Core Exploration Ltd Identified 800 m strike length with grades >100 ppm U3O8 including one sample of 3370 pmm U3O8.

Blackbush SA Uranium SA Ltd 2.0 m @ 0.69% eU3O8.

1.0 m @ 1.15% eU3O8.

4.0 m @ 0.36% eU3O8.

Theseus WA Toro Energy Ltd 4.49 m @ 293 ppm pU3O8.

2.22 m @ 477 ppm pU3O8.

5.61 m @ 370 ppm pU3O8.

2.76 m @ 1347 ppm pU3O8.

Mopoke Well WA Energy Metals Ltd 2.64 m @ 282 ppm eU3O8.

3.08 m @ 237 ppm eU3O8.

3.64 m @ 197 ppm eU3O8.

1.86 m @ 258 ppm eU3O8.

2.02 m @ 221 ppm eU3O8.

U3O8 = uranium oxide; ppm = parts per million; m = metres; SA = South Australia; WA = Western Australia; eU3O8 is an indirect measure of the uranium grade gained by measuring gamma radiation from daughter products (Bi214) using a gamma-ray radiometric probe; pU3O8 is a direct measurement of uranium grade (U235) using a Prompt Fission Neutron probe.



18


193. Resources

OverviewAustralia is a world leader in mining and produces 19 minerals in significant amounts from nearly 400 operating mines. Minerals are produced in all states, the Northern Territory and on Christmas Island. There is no mining in the Australian Capital Territory apart from quarries used to mine aggregate and other construction materials.

Minerals are an important part of the Australian economy, accounting for about 7% of gross domestic product. The Australian Bureau of Statistics reports that the mining industry employs around 263 000 people directly.

Minerals are Australia’s largest export. According to the Bureau of Resources and Energy Economics, the industry’s exports (excluding oil and gas) were worth approximately $165 billion in 2011-12, accounting for around 52% of total exports (goods and services) and 62% of merchandise exports. Australian mining companies trade freely in the global marketplace, exporting goods on a commercial basis around the world with the major markets for Australian mineral exports being China, Japan, South Korea and India.

Australia is one of the top mineral producers in the world and has a large resource inventory of most of the world’s key minerals commodities. Australia is the world’s leading producer of bauxite, ilmenite, rutile, iron ore and zircon, the second largest producer of alumina, gold, lead, lithium, manganese ore and zinc, the third largest producer of uranium, the fourth largest producer of black coal, nickel and silver, and the fifth largest producer of aluminium, cobalt and copper.

Australia also has the largest identified resources of gold, iron ore, lead, nickel, rutile, uranium, zinc and zircon, and the second largest resources of bauxite, cobalt, copper, ilmenite, niobium, silver, tantalum and thorium. Australia’s lithium and rare earth resources are ranked third, manganese ore and vanadium are ranked fourth and black coal is ranked fifth in the world.

The subsections on the following pages provide an overview of Australia’s resources of bauxite, coal, copper, gold, iron ore, nickel, rare earth elements and uranium; specifically their distribution, reserve and resource amounts, state/territory share, world ranking, resource trends and resource to production ratio. For industry developments and a more in-depth discussion of these commodities, and others, please refer to Geoscience Australia’s annual publication of ‘Australia’s Identified Mineral Resources’8.

Resources and Reserves

Geoscience Australia and its predecessors have prepared annual assessments of Australia’s mineral resources since 1975. The latest data are summarised in Table 3.1.

The national minerals inventory is based on published company reports of Ore Reserves and Mineral Resources. The national resource estimates provide a long-term view of what is likely to be mined. An industry view of what is likely to be mined in the short to medium term is provided by the national total for Ore Reserves, which is based on the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (referred to as the JORC Code). Mine production data are based on figures from the Bureau of Resources and Energy Economics.

National Resource Classification System

The mineral resource classification system used for Australia’s national inventory is based on two general criteria:

• the geological certainty of the existence of the mineral resource

• the economic feasibility of its extraction over the long term.

For a full description of the system see Appendix 1 ‘National Classification System for Identified Mineral Resources’.

The description of the National Classification System shows how mineral resources reported by companies under the JORC Code are used when compiling total resources for the nation. The classification category Economic Demonstrated Resources (EDR) is used for national totals of economic resources and provides a basis for meaningful comparisons of Australia’s economic resources with those of other nations.

8 Australia’s Identified Mineral Resources: http://www.ga.gov.au/corporate_data/75326/75326.pdf



20

Table 3.1 Australia’s resources of major minerals and world figures as at December 2012

Commodity Units Australia World

JORC Reserves (a)

(% of Accessible EDR)

Demonstrated Resources

Inferred Resources

(c)

Accessible EDR (d)

Mine Production

2012 (e)

Economic Resources

2012 (f)

Mine production

2012 (g)

Economic (EDR)

(b)

Subeconomic

Para-marginal

Sub-marginal

Antimony kt Sb 55 (51%) 107 9 0 203 107 3.9 1800 180

Bauxite Mt 2145 (34%) 6281 144 1429 1474 6281 76.3 28 000 263

Black coal

in situ Mt 77 589 1613 5341 89 194

recoverable Mt 20 662 (38%) 61 082 1134 3984 64 184 54 200 501 (h) 665 000 (i) 6637 (j)(k)

Brown coal

in situ Mt 49 035 37 465 16 873 123 240

recoverable Mt n.a. (l) 44 164 33 402 15 185 102 502 34 095 66.73 (m) 195 000 (i) 1041 (k)

Cobalt kt Co 519 (51%) 1021 294 37 1209 1021 5.88 (n) 7273 110.48

Copper Mt Cu 25.2 (28%) 91.1 1.4 0.4 43.9 91.1 0.91 690 16.6

Chromium kt Cr 0 0 0 0 3657 0 127.7 (o) >460 000 24 000 (p)

Diamond Mc 146.1 (55%) 268.0 0 0 42.7 268.0 8.6 600 (q) 150

Fluorine Mt F 0 0 0.5 0 0.4 0 0 117 (r) 3.34 (r)

Gold t Au 4119 (42%) 9909 372 122 4571 9879 251 54 300 2660

Iron

iron ore Mt 15 305 (34%) 44 650 566 1365 73 570 44 650 520 175 650 2959

iron (contained Fe)

Mt Fe 7931 (38%) 20 638 224 473 33 827 20 638 n.a. 83 688 n.a.

Lead Mt Pb 15.4 (45%) 34.4 3.4 0.2 20.2 34.4 0.62 89 5.2

Lithium kt Li 854 (55%) 1538 0 0.1 139 1538 12.7 (s) 13 538 37 (r)

Magnesite Mt MgCO

3

37.5 (11%) 330 22 35 836 330 0.588 (t) 8300 21.16 (r)

Manganese ore Mt 135.4 (72%) 186.8 23.1 167 324.1 186.8 7.208 1635 48

Mineral sands

Ilmenite Mt 43.2 (28%) 187.0 30.2 0.03 219.9 156.4 1.344 1233.57 11.30

Rutile Mt 7.1 (31%) 26.6 0.3 0.06 42.2 22.8 0.439 50.68 0.79

Zircon Mt 14.9 (36%) 47.4 1.1 0.07 68.3 41.0 0.605 88.62 1.41

Molybdenum kt Mo 79.5 (39%) 203 1220 0.5 572 203 0 (u) 11 203 252

Nickel Mt Ni 7.5 (42%) 17.7 4.2 0.2 17.8 17.7 0.244 72.6 2.14

Niobium kt Nb 115 (56%) 205 82 0 418 205 (v) 4300 0

Phosphate

phosphate rock (w) Mt 289 (33%) 869 312 0 2089 869 3.09 67 500 210

contained P2O5 Mt 51 (34%) 148 65 0 354 148 n.a. n.a. n.a.

PGE (Pt, Pd, Os, Ir, Ru, Rh)

t metal 0 4.7 139.0 1.4 131.0 0.3 0.706 66 000 379

Potash Mt K2O 0 0 20.7 0 11.5 0 0 9500 34

Rare earths (REO & Y2O3)

Mt 2.15 (67%) 3.19 0.42 31.14 22.33 3.19 0 115 0.106

Shale oil GL 0 0 213 2074 1272 (x) 0 0 763 139 (i) 1.165 (i)

Silver kt Ag 30.4 (36%) 85.2 3.5 0.5 36.0 85.2 1.76 556 23.8

Tantalum kt Ta 29 (48%) 60 18 0.2 21 60 (y) 156 0.77

Thorium kt Th 0 0 91 (z) 0 444 (z) 0 0 n.a. n.a.

Tin kt Sn 170 (61%) 277 65 31 262 277 5.8 (aa) 4947 228

Tungsten kt W 201 (51%) 391 11.1 5 102 391 0.29 (ab) 3488 73.3

Uranium kt U 373 (34%) 1174 34 0 590 1104 7.009 3472 (ac) 58.394 (ad)

Vanadium kt V 1305 (77%) 1684 14 640 1759 16 591 1684 0.07 (ae) 16 000 63

Zinc Mt Zn 32.1 (50%) 64.1 1.1 0.8 25.8 64.1 1.54 247 13.1


21

Abbreviations

t = tonne; L = litre; kt = kilotonnes (1000 t); Mt = million tonnes (1000 000 t); Mc = million carats (1000 000 c);

GL = gigalitre (1000 000 000 L); n.a. = not available.

Notes

a. Joint Ore Reserves Committee (JORC) Proved and Probable Ore Reserves as stated in company annual reports and reports to Australian Securities Exchange.

b. Economic Demonstrated Resources (EDR) includes Joint Ore Reserves Committee (JORC) Reserves, Measured and Indicated Mineral Resources.

c. Total Inferred Resources in economic, sub-economic and undifferentiated categories.

d. Accessible Economic Demonstrated Resources (AEDR) is the portion of total EDR that is accessible for mining. AEDR does not include resources which are inaccessible for mining because of environmental restrictions, government policies or military lands.

e. Source: Bureau of Resources and Energy Economics (BREE).

f. Sources: Geoscience Australia for Australian figures, United States Geological Survey (USGS) Mineral Commodities Summaries for other countries.

g. World mine production for 2012, mostly United States Geological Survey (USGS) estimates.

h. Raw coal.

i. Source: World Energy Council (WEC). Survey of Energy Resources 2010.

j. Saleable coal.

k. Source: World Coal Association, 2012.

l. There are no JORC code ore reserve estimates available for brown coal.

m. Source: Victoria’s Minerals, Petroleum & Extractive Industries 2010–11 Statistical Review. Victorian Department of Primary Industries.

n. Source: Western Australian Department of Mines and Petroleum.

o. 186 635 t of chromite expressed as Cr2O3 (Source: Western Australian Department of Mines and Petroleum).

p. World production of 24 Mt of ‘marketable chromite ore’ as reported by United States Geological Survey (USGS).

q. Source: USGS Commodity Summaries 2012. Note—world resource figures are for industrial diamonds only. No data provided for resources of gem diamonds.

r. Excludes USA.

s. Calculated assuming a grade of 6% Li2O in spodumere concentrates.

t. Production for 2012–13 (Source: Queensland Government. Department of Natural Resources and Mines).

u. Some molybdenum was produced as a by-product of tungsten at the Wolfram Camp mine. Amount produced is not known but is believed to be minor.

v. Not reported by mining companies.

w. Phosphate rock is reported as economic at grades ranging from 8.7% to 30.2% P2O5.

x. Total Inferred Resource excludes a ‘total potential’ shale oil resource of the Toolebuc Formation, Queensland of 245 000 GL that was estimated by Geoscience Australia’s predecessor, the Bureau of Mineral Resources, and CSIRO in 1983.

y. Department of Mines and Petroleum, Government of Western Australia reported a combined production in dollar values of tin, tantalum and lithium of $200 844 824.

z. Thorium resources reduced by 10 per cent to account for mining and processing losses.

aa. For all states except WA where actual figures not available.

ab. Estimated from production figures for tungsten (WO3) concentrate.

ac. Source: Organisation for Economic Cooperation and Development/Nuclear Energy Agency (OECD/NEA) and International Atomic Energy Agency (IAEA) (2011). Compiled from the most recent data for resources recoverable at costs of less than US$130/kg U.

ad. Source: World Nuclear Association.

ae. For 2012 the Windimurra Vanadium project has produced 87 t of FeV, containing 70 t of vanadium.


22

Accessible Resources

Some mineral deposits are not currently accessible for mining because of government policies or various environmental and land-access restrictions such as location within National and State parks and conservation zones, military training areas or environmental protection areas, as well as areas over which mining approval has not been granted by traditional owners. Accessible Economic Demonstrated Resources (AEDR), as shown in Table 3.1, represent the resources within the EDR category that are accessible for mining.

World Ranking

The world ranking for each commodity is presented in two tables, one for resources and one for production. The data is chiefly gathered from the annual compilations of the United States Geological Survey and supplemented with more accurate figures for Australia. International uranium figures are gathered from the Organisation for Economic Cooperation and Development/Nuclear Energy Agency and International Atomic Energy Agency and the World Nuclear Association.

Trends

The EDR of Australia’s major mineral commodities have undergone significant and sometimes dramatic changes over the period 1975 to 2012. These changes can be attributed to one, or a combination, of the following factors:

• Increases in resources resulting from discoveries of new deposits and delineation of extensions of known deposits.

• Depletion of resources as a result of mine production.

• Advances in mining and metallurgical technologies, e.g., carbon-based processing technologies for gold have enabled economic extraction from low-grade deposits that were previously were uneconomic.

• Adoption of the JORC Code for resource classification and reporting by the Australian minerals industry. Many companies re-estimated their mineral resources to comply with the requirements of the JORC Code with subsequent impacts on the amount of ore reserves and mineral resources. The impacts of the JORC Code on EDR occurred at differing times for each of the major commodities.

• Increases in prices of mineral commodities driven largely by the escalating demand from China over the past decade.

Resource to Production Ratio

The resource life for each commodity is calculated as a ratio of AEDR to current mine production, and then rounded to five years. This ratio provides an indicative estimate of the resource life. Resource life based on the ratio of reserves to production, rather than AEDR to production, is lower, reflecting a shorter term commercial outlook. The AEDR of most of Australia’s major commodities show that current rates of mine production can be sustained for many decades. Excluding rare earth elements (for which an indicative resource life does not yet exist), of the commodities covered in this document, only gold has an indicative resource life of less than 50 years.


23

Table 3.2 World ranking of major mineral resources and production 2012.

World Ranking for Resources

% of World ResourcesWorld Ranking for

Production% of World Production

Antimony unknown 6 unknown 1

Bauxite 2 22 1 30

Black Coal 5 10 4 7

Brown Coal 5 10 6 4

Cobalt 2 13 5 5

Copper 2 13 5 5

Chromium minor unknown minor <1

Diamond (Ind.) unknown unknown 5 10

Fluorine n.a. 0 n.a. 0

Gold 1 18 2 9

Ilmenite 2 25 1 20

Iron Ore 1 25 1 26

Lead 1 40 2 12

Lithium 3 11 2 <35 (a)

Magnesite 4 4 minor <2 (a)

Manganese Ore 4 15 2 20

Molybdenum 7 2 n.a. 0

Nickel 1 25 4 13

Niobium 2 5 unknown unknown

Phosphate minor 1 minor 1

PGE minor <1 minor <1

Potash n.a. n.a. n.a. 0

Rare Earths 3 3 n.a. 0

Rutile 1 53 1 56

Shale Oil n.a. n.a. n.a. 0

Silver 2 16 4 7

Tantalum 2 38 unknown unknown

Thorium 2 n.a. n.a. 0

Tin 7 5 6 >2 (b)

Tungsten 3 12 minor <1

Uranium 1 34 3 12

Vanadium 4 11 minor <1

Zinc 1 27 2 12

Zircon 1 64 1 43

Source: United States Geological Survey and Geoscience Australia; n.a.=not applicable; (a) USA production is not reported, thus Australia’s percentage of world production is estimated to be less than the figure given; (b) Western Australian production is not reported, thus Australia’s percentage of world production is estimated to be more than the figure given.


24

BauxiteBauxite is the main raw material used in the commercial production of alumina (Al2O3) and aluminium metal globally, although some clays and other materials can also be utilised to produce alumina. Bauxite is a heterogeneous, naturally occurring material of varying composition that is relatively rich in aluminium. The principal minerals in bauxite are gibbsite (Al2O3.3H2O), boehmite (Al2O3.H2O) and diaspore, which has the same composition as boehmite, but is denser and harder.

Australia is the world’s largest producer of bauxite, representing 28% of global production in 2012. The large bauxite resources in the Gulf of Carpentaria at Weipa (>3000 Mt) in Queensland and Gove (>200 Mt) in the Northern Territory have average grades between 49% and 53% Al2O3 and are amongst the world’s highest grade deposits. Other large deposits (>500 Mt) are located in Western Australia in the Darling Range, the Mitchell Plateau and at Cape Bougainville, of which the latter two have not been developed. The bauxite mines in the Darling Range have the world’s lowest grade bauxite ore mined on a commercial scale (around 27-30% Al2O3). Despite the low grade, the mines accounted for 23% of global alumina production. JORC-compliant bauxite resources also occur in New South Wales and Tasmania but these are small (<25 Mt).

More than 85% of the bauxite mined globally is converted to alumina for the production of aluminium metal. An additional 10% goes to non-metal uses in various forms of specialty alumina, while the remainder is used for non-metallurgical bauxite applications. In most commercial operations, alumina is extracted (refined) from bauxite by a wet chemical caustic leach process known as the Bayer

process. Alumina is smelted using the Hall-Heroult process to produce aluminium metal by electrolytic reduction in a molten bath of natural or synthetic cryolite (NaAlF6).

Australia’s aluminium industry is a highly integrated sector of mining, refining, smelting and semi-fabrication centres and is of major economic importance nationally and globally. The industry is becoming less vertically integrated, however, owing to the rise of independent smelters, particularly in China.

The Australian industry consists of:

• five long-term bauxite mines at Weipa, Gove, Huntly, Boddington and Willowdale (Figure 3.1)

• seven alumina refineries at Gove in the Northern Territory, Yarwun and QAL in Queensland, Kwinana, Pinjarra, Wagerup and Worsley in Western Australia

• five primary aluminium smelters (previously six before the 2012 closure of Kurri Kurri, New South Wales) at Bell Bay in Tasmania, Boyne Island in Queensland, Tomago in New South Wales and Portland and Point Henry in Victoria

• 12 extrusion mills located in New South Wales, Victoria, South Australia, Queensland and Western Australia

• two rolled product plants producing aluminium sheet, plate and foil in Victoria.

The industry in Australia is geared to serve world demand for alumina and aluminium with more than 80% of production exported. Transport, packaging, building and construction provide much of the demand for the metal in Australia.


25

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

Pisolite HillsGove

Weipa

Wandoo

Aurukun

Worsley

Felicitas

Skardon River

Mitchell Plateau

Cape Bougainville

Huntly and Willowdale

0 500 km

13-7383-26

150°140°130°120°

10°

20°

30°

40°

Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian bauxite deposits (million tonnes bauxite)

50–100

100–500

500–1000

1000–2000

2000–3000

>3000

Figure 3.1 Australia’s major bauxite deposits based on total Identified Resources.


Resources and ReservesTable 3.3 Australia’s resources of bauxite and world figures as at December 2012.

UnitsJORC Reserves

(% of EDR)

Economic Demonstrated

Resources (EDR)

Paramarginal Demonstrated

Resources

Submarginal Demonstrated

Resources

Inferred Resources

Accessible EDR

Mine Production

in 2012

World Economic Resources

World Mine Production

in 2012

Mt 2145 (34%) 6281 144 1429 1474 6281 76.3 28 000 263

Source: Geoscience Australia, the Bureau of Resources and Energy Economics and the United States Geological Survey; Paramarginal and submarginal demonstrated resources are subeconomic at this time; Mt = million tonnes.


26

Queensland61%

Northern Territory 4%

Western Australia35%


Queensland42%


137383-1

New South Wales <1%

Economic Demonstrated Resources Total Resources

BauxiteNew South Wales <1%

Tasmania <1%


Figure 3.2 Percentages of Economic Demonstrated Resources and total resources of bauxite held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.4 World economic resources for bauxite.

Rank Country Bauxite (Mt) Percentage of world total

1 Guinea 7400 26%

2 Australia 6280 22%

3 Brazil 2600 9%

4 Vietnam 2100 7%

5 Jamaica 2000 7%

6 Indonesia 1000 4%

7 India 900 3%

8 Guyana 850 3%

9 China 830 3%

10 Greece 600 2%

Others 3720 13%

Total 28 280

Source: United States Geological Survey and Geoscience Australia; Mt = million tonnes; Figures are rounded to nearest 10 million tonnes; Percentages are rounded so might not add up to 100% exactly.

Table 3.5 World production for bauxite.

Rank Country Bauxite (Mt) Percentage of world total

1 Australia 76 30%

2 China 48 19%

3 Brazil 34 13%

4 Indonesia 30 12%

5 India 20 8%

6 Guinea 19 7%

7 Jamaica 10 4%

8 Russia 6 2%

9 Kazakhstan 5 2%

10 Venezuela 5 2%

Others 4 2%

Total 257

Source: United States Geological Survey and the Bureau of Resources and Energy Economics; Mt = million tonnes; Percentages are rounded so might not add up to 100% exactly.


27

Trends

EDR of bauxite increased in 1989 as a result of the delineation of additional resources in deposits on Cape York Peninsula in Northern Queensland (‘a’ in Figure 3.3). Decreases in bauxite EDR in 1992 resulted from the

reclassification of some resources within deposits on Cape York Peninsula to comply with requirements for the JORC Code (‘b’ in Figure 3.3).

01990

Year1985 1995 20001980 201020051975

’000

milli

on to

nnes

7

6

5

4

3

2

1

2012

13-7383-10

Bauxite

(a)

(b)

Figure 3.3 Trends in Economic Demonstrated Resources for bauxite since 1975.


Resource to Production RatioTable 3.6 Indicative years of bauxite resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production 70 90 85 85 80 80 80



28

CoalCoal is a combustible rock of organic origin composed mainly of carbon along with variable quantities of other elements, chiefly hydrogen, sulfer, oxygen and nitrogen. It is a sedimentary rock formed from accumulated vegetable matter that has been altered by decay and by various degrees of temperature and pressure over millions of years. Interlayered with other sedimentary rocks, it forms beds ranging from less than a millimetre to many metres thick. The considerable diversity of coal type, grade and rank depends on the differences in mode of formation.

Black coal is so called because of its colour. It varies from having a bright, shiny lustre to being very dull, and from being relatively hard to soft. The term ‘black coal’ is used in Australia to refer to anthracite, as well as bituminous and sub-bituminous coals (Table 3.7). Black coal is higher in energy and has lower moisture content than brown coal. Brown coal, also called lignite, is a low-ranked coal with high moisture content that is used mainly to generate electricity.

Table 3.7 Coal classification terminology in Australia and Europe.

Coal rank Australian terminology European terminology

Anthracite Black coal Black coal

Bituminous coal Black coal Black coal

Sub-bituminous coal Black coal Brown coal

Lignite Brown coal Brown coal


Throughout history, coal has been a useful resource for heat, electricity generation and for industrial processes such as metal refining. Coal is Australia’s largest energy resource and around 60% of the nation’s electricity is currently produced in coal-fired power stations. Black coal is also used to produce coke (metallurgical or coking coals), which is mainly used in blast furnaces that produce iron and steel. Black coal is used also in other metallurgical applications, cement manufacturing, alumina refineries, paper manufacture and a range of industrial applications.

Black coal resources occur in New South Wales, Queensland, South Australia, Tasmania and Western Australia (Figure 3.4) but New South Wales (23%) and Queensland (63%) have the largest share of Australia’s total identified in situ resources (Figure 3.5). These two states are also the largest coal producers. While Australia’s mineable black coals range from Permian to Jurassic in age (280 to 150 million years old), most of Australia’s black coal resources are of Permian age. Australia’s principal black coal producing basins are the Bowen (Queensland) and Sydney (New South Wales) Basins. Locally important black coal mining operations include Collie in Western Australia, Leigh Creek in South Australia and Fingal and Kimbolton in Tasmania.

Brown coal occurs in South Australia, Western Australia, Tasmania, Queensland and Victoria (Figure 3.4), predominantly in Tertiary basins (50 to 15 million years old). The Gippsland Basin in Victoria contains a substantial world-class deposit where seams can be up to 330 m thick. The Otway Basin (Victoria), the Murray Basin (Victoria and South Australia), the North St Vincents Basin (South Australia) and the Eucla Basin (Western Australia) also contain significant brown coal resources. Minor resources occur in Tasmania’s Longford Basin. Currently, brown coal is only mined in Victoria where the open-cut mines at Anglesea, Loy Yang, Yallourn and Hazelwood supply coal to nearby power stations. Brown coal is also mined at Maddingley to produce soil conditioners and fertilisers. Other products from Victorian brown coal are briquettes for industrial and domestic use and low-ash and low-sulphide char products.

In Australia, nearly 80% of coal is produced from open-cut mines in contrast with the rest of the world where open-cut mining only accounts for 40% of coal production. Open-cut mining is cheaper than underground mining and enables up to 90% recovery of the in situ resource. Coal may be used without any processing other than crushing and screening to reduce the fragments to a useable and consistent size. However, black coal is often washed to remove pieces of rock or mineral that may be present. This also reduces ash and improves overall quality.


29

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MULGIDIE BASINMARYBOROUGH

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SYDNEY

DARWIN

HOBART

ADELAIDE

BRISBANE

CANBERRA, ACT

MELBOURNE

150°140°130°120°

10°

20°

30°

40°

0 750 km

13-7383-49

Recoverable black and brown coal resources

Black coal basin

Brown coal basin

Black coal operating mine_̂_̂ Brown coal operating mine

Black coal mineral depositBrown coal mineral deposit

Figure 3.4 Australia’s operating black and brown coal mines as at December 2012.


Resources and ReservesTable 3.8 Australia’s resources of black coal and world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production

in 2012



in 2012

In situ Mt n.a. 77 589 1613 5341 89 194 n.a. n.a. n.a. n.a.

Recoverable Mt 20 662 (38%)

61 082 1134 3984 64 184 54 200 501 (a) 665 000 6637 (b)

Source: Geoscience Australia, the Bureau of Resources and Energy Economics, the World Energy Council and the World Coal Association; Paramarginal and submarginal demonstrated resources are subeconomic at this time; Mt = million tonnes; n.a. = not applicable; (a) raw coal; (b) saleable coal.


30

13-7383-8

Queensland60%

Queensland63%

South Australia 1% Tasmania <1%Western Australia 2%Tasmania 1%

Western Australia 2%

New South Wales36%

New South Wales23%

SouthAustralia

11%

Black coal

Economic Demonstrated Resources Total ResourcesFigure 3.5 Percentages of Economic Demonstrated Resources and total resources of black coal held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


Table 3.9 Australia’s resources of brown coal and world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production

in 2012



in 2012

In Situ Mt n.a. 49 035 37 465 16 873 123 240 n.a. n.a. n.a. n.a.

Recoverable Mt (a) 44 164 33 402 15 185 102 502 34 095 66.73 195 000 1041

Source: Geoscience Australia, the Bureau of Resources and Energy Economics, the World Energy Council and the World Coal Association; Paramarginal and submarginal demonstrated resources are subeconomic at this time; Mt = million tonnes; n.a. = not applicable; (a) There are no JORC compliant reserve estimates available for brown coal.


Victoria 99% Victoria 97%

Western Australia 1% Tasmania <1%South Australia 2%

13-7383-9

Brown coal


Figure 3.6 Percentages of Economic Demonstrated Resources and total resources of brown coal held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.



31

World RankingTable 3.10 World economic resources for coal.

Rank Country Black Coal (Mt) Brown Coal (Mt) Total Coal (Mt) Percentage (%)

1 United States of America 108 501 128 794 237 295 28%

2 Russia 49 088 107 922 157 010 18%

3 China 62 200 52 300 114 500 13%

4 Australia 37 100 39 300 76 400 9%

5 India 56 100 4500 60 600 7%

6 Germany 99 40 600 40 699 5%

7 Ukraine 15 351 18 522 33 873 4%

8 Kazakhstan 21 500 12 100 33 600 4%

9 South Africa 30 156 0 30 156 4%

10 Columbia 6366 3800 10 166 1%

Others 69 121 8%

Total 860 000

Source: BP plc and Geoscience Australia; Mt = million tonnes; Percentages are rounded so might not add up to 100% exactly.

Table 3.11 World production for coal.

Rank Country Black Coal (Mt) Brown Coal (Mt) Total Coal (Mt) Percentage (%)

1 China 2344 1127 3471 46%

2 United States of America 917 73 991 13%

3 India 539 41 580 8%

4 Australia 345 70 414 5%

5 Russia 256 78 334 4%

6 Indonesia 197 179 376 5%

7 South Africa 253 0 253 3%

8 Germany 12 177 189 2%

9 Poland 76 63 138 2%

10 Kazakhstan 111 6 117 2%

Others 737 10%

Total 7600

Source: International Energy Agency and the Bureau of Resources and Energy Economics; Mt = million tonnes; Percentages are rounded so might not add up to 100% exactly.

Trends

A major reassessment of New South Wales coal resources during 1986 by the New South Wales Department of Mineral Resources and the Joint Coal Board resulted in a large increase in black coal EDR as reported in 1987 (‘a’ in Figure 3.7).

EDR for black coal has declined since 1998 because of the combined impact of increased rates of mine production and mining companies re-estimating ore reserves and mineral resources more conservatively to

comply with requirements of the JORC Code. In 2009, black coal EDR increased significantly, mainly because of the discovery and delineation of additional resources as a result of high levels of exploration and through reclassification of resources.

EDR for brown coal rapidly increased during the mid-1970s as the brown coal resources in the Gippsland Basin of Victoria were more formally delineated (Figure 3.8). EDR has remained at similar levels since that time.


32

0

’000

milli

on to

nnes

70

50

40

30

20

10

1975 1990

Year1985 1995 20001980 20102005

60

2012

13-7383-17

Black Coal

(a)

Figure 3.7 Trends in Economic Demonstrated Resources for black coal (recoverable) since 1975.


0

’000

milli

on to

nnes

50

40

30

20

10

1975 1990

Year1985 1995 20001980 20102005 2012

13-7383-18

Brown Coal

Figure 3.8 Trends in Economic Demonstrated Resources for brown coal (recoverable) since 1975.


Resource to Production RatioTable 3.12 Indicative years of black and brown coal resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production Black Coal 180 110 90 100 90 110 110

AEDR/Production Brown Coal 630 440 490 470 495 510 510



33

CopperCopper (Cu) is a ductile, coloured metal that has very high thermal and electrical conductivity. It was the first metal to be used by man (probably as early as 7000 BC) and was used as a substitute for stone; its malleability enabled tools to be easily shaped by beating. In the modern era, the growth of the copper industry has been intimately linked with the increasing use of electricity owing to two of its properties: copper is an excellent electrical conductor and is ductile enough to be drawn into wire and beaten into sheets without fracturing. It is therefore used to produce electrical cables and electrical equipment. Copper and its alloys are also widely used in plumbing components, building construction as well as industrial machinery and equipment. An average car contains more than 20 kg of copper and suburban homes have around 200 kg of copper.

The main ore mineral of copper in Australia (and worldwide) is chalcopyrite (CuFeS2). Bornite (Cu5FeS4), covellite (CuS) and chalcocite (Cu2S) are also important sources around the world and, in addition, many ore bodies contain some malachite (CuCO3.Cu(OH)2), azurite (Cu3(CO3)2.Cu(OH)2), cuprite (Cu2O), tenorite (CuO) and native copper. Copper is widely distributed in Australian rocks of Precambrian and Paleozoic age (more than 250 million years old). Most copper is mined or extracted as copper sulphides from large open-pit mines in porphyry copper deposits, but it is also found within many other types of deposits, including iron-oxide-copper-gold orebodies and sediment-hosted copper deposits.

Australia is one of the world’s top copper producers with substantial resources located in all states and the Northern Territory (Figure 3.9). However, Australia’s main resources of copper are largely at the Olympic Dam copper-uranium-gold deposit in South Australia and the Mount Isa copper-lead-zinc deposit in Queensland and these states contain the largest percentages of both EDR and total resources of copper (Figure 3.10). Other significant copper producing operations are at Prominent Hill in South Australia; Northparkes, Cadia-Ridgeway, Cobar and Tritton in New South Wales; Ernest Henry in Queensland; Nifty, Boddington, Telfer, DeGrussa and Golden Grove in Western Australia; and Mount Lyell in Tasmania.

Most of the copper ore produced in Australia comes from underground mines. At some Australian mines, the copper is leached from the ore to produce a copper-rich solution that is later treated to recover the copper metal. The traditional method used at most mines involves the ore being broken and brought to the surface for crushing. The ore is then ground finely before the copper-bearing sulphide minerals are concentrated by a flotation process that separates the grains of ore mineral from the gangue (waste material). Depending on the type of copper -bearing minerals in the ore and the treatment processes used, the concentrate can contain between 25 and 57% copper. The concentrate is then processed in a smelter.


34

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

Kanmantoo

Cobar

Mount Gordon

Tritton

Nifty

Blackard

Kalkaroo

HillsideBoddington

Nebo Babel

Copper Hill

Olympic DamGolden Grove

Yiddah

Telfer

Marsden

DeGrussa

Rocklands

Mount Isa

Little Eva

Mount Dore, Starra

Mount Lyell

Emmie Bluff Northparkes

Ernest HenryLady Annie

Carrapateena

Cadia Valley

Spinifex Ridge

Prominent Hill

Osborne, Mount Elliott

0 500 km

13-7383-27

150°140°130°120°

10°

20°

30°

40°

Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian copper deposits (million tonnes copper)

<0.5

0.5–1

1–5

5–10

>50

Figure 3.9 Australia’s major copper deposits based on total Identified Resources.


Resources and ReservesTable 3.13 Australia’s resources of copper and world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production in

2012


World Mine Production in

2012

Mt 25.2 (28%) 91.1 1.4 0.4 43.9 91.1 0.91 690 16.6



35


South Australia66%

Tasmania 1%

Queensland12%

New SouthWales 12%

Queensland14%

South Australia69%

Victoria <1%

Tasmania 1%

Victoria <1%Northern Territory <1%

13-7383-3

Western Australia 5% Western Australia 6%

Copper


New SouthWales 13%

Figure 3.10 Percentages of Economic Demonstrated Resources and total resources of copper held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.14 World economic resources for copper.

Rank Country Copper (Mt)Percentage

(%)

1 Chile 190 28%

2 Australia 91 13%

3 Peru 76 11%

4 United States of America 39 6%

5 Mexico 38 6%

6 China 30 4%

7 Russia 30 4%

8 Indonesia 28 4%

9 Poland 26 4%

10 Zambia 20 3%

Others 117 17%

Total 685

Source: United States Geological Survey and Geoscience Australia; Mt = million tonnes; Percentages are rounded so might not add up to 100% exactly.

Table 3.15 World production for copper

Rank Country Copper (Mt)Percentage

(%)

1 Chile 5.37 31%

2 China 1.50 9%

3 Peru 1.24 7%

4 United States of America 1.15 7%

5 Australia 0.91 5%

6 Russia 0.72 4%

7 Zambia 0.68 4%

8 Congo 0.58 3%

9 Canada 0.53 3%

10 Mexico 0.50 3%

Others 3.92 23%

Total 17.10

Source: United States Geological Survey and the Bureau of Resources and Energy Economics; Mt = million tonnes; Percentages are rounded so might not add up to 100% exactly.


36

Trends

Following the adoption of the JORC Code by the Australian mining industry, many companies first used this code in 1989 for reporting their copper resources. These companies re-estimated mineral resources to comply with the JORC Code which resulted in a sharp fall in Australia’s copper EDR in 1989 (‘a’ in Figure 3.11).

The sharp increase in copper EDR in 1993 (‘b’ Figure 3.11) resulted mainly from an increase in company-announced resources for the Olympic Dam deposit in

South Australia. Additional resources were also reported for Ernest Henry in Queensland, Northparkes in New South Wales and other smaller deposits.

Reassessments of copper resources by Geoscience Australia in 2002 and 2003 resulted in further transfers (reclassification) of Olympic Dam resources into EDR (‘c’ in Figure 3.11). In 2007 and 2008, copper resources again increased sharply, mainly because of Olympic Dam where drilling outlined large resources in the south-eastern part of the deposit (‘d’ in Figure 3.11).

0

50

40

30

20

10

1975 1990

Year1985 1995 20001980 20102005

Milli

on to

nnes 60

70

80

90

100

2012

13-7383-12

Copper

(a)

(b)

(c)

(d)

Figure 3.11 Trends in Economic Demonstrated Resources for copper since 1975.


Resource to Production RatioTable 3.16 Indicative years of copper resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production 40 50 85 95 100 90 100



37

GoldGold (Au) is a yellow metal that has a high density, is a good conductor of electricity and heat, is malleable and has a lustre that is considered attractive. Gold has a significant historical role in Australia, with the first gold rush of 1851 drawing tens of thousands of immigrants from many parts of the world to the Australian colonies. The principal uses for gold are as an investment instrument for governments and central banks and for private investors, with jewellery accounting for most of its annual usage. The main industrial use of gold is in the electronics industry, which takes advantage of gold’s high conductivity and corrosion-resistance properties and small amounts are present in most modern electronic devices. Gold is used also in dentistry because gold alloys are strong, resistant to tarnishing and easy to work.

Gold usually occurs in its metallic state and is commonly associated with sulphide minerals such as pyrite, but does not form a separate sulphide mineral itself. Most gold mined in Australia today cannot be seen with the naked eye. It is very fine grained and mostly has a concentration of less than five grams in every tonne of rock mined. Primary gold deposits are formed from gold-bearing fluids at sites where the chemistry and physical characteristics permit gold deposition. Gold that is liberated through weathering is concentrated in alluvial (placer) deposits such as those that sparked the rushes of the 1850s, but these are no longer major sources in Australia. Gold is also found as a minor component in many base metal deposits and is recovered as a by-product at some smelters and refineries.

Demand for gold has exceeded world mine production for many years and has necessarily relied on recycling, sales by investors and, until recently, sales by central banks. Over much of the past two decades the central banks have sold down their stocks of gold. However, since early 2010, these banks have become net purchasers of gold to augment their reserves. The World Gold Council has noted that, in particular, the central banks of many emerging nations are maintaining a high percentage of their reserves in gold.

Australia’s economic gold resource is almost 10 000 tonnes and total JORC resources are almost 15 000 tonnes. Total JORC resources are significant for gold as the industry mines material from all categories in the scheme and not just published ore reserves. Australia is the world’s second largest producer, after China.

While these results are relatively strong, industry activity has been under pressure as indicated by a downturn in exploration expenditure and the greater difficulty companies are having in raising capital on the stock exchanges. These pressures relate directly to the gold price which exceeded US$1800/oz briefly in 2011, fluctuated around US$1650/oz through 2012, but collapsed below US$1300/oz in April 2013 which is below the 2010 price of US$1440/oz . The sustained higher gold prices through 2010 and 2011 coincided with expanded mining operations, the upgrading of mills and renewed operations at mines previously on care and maintenance. In contrast, the past nine months has seen the postponement of some planned plant expansions and the closure of half a dozen high-cost mines.

Gold occurs, and is mined, in all states and the Northern Territory (Figure 3.12) with about 43% of resources occurring in Western Australia (Figure 3.13). The Yilgarn Craton in Western Australia is Australia’s premier gold province with major Archean greenstone-hosted deposits such as Kalgoorlie, Granny Smith and Boddington. South Australia’s Gawler Craton hosts the major iron oxide-copper-gold-uranium Olympic Dam deposit and the Northern Territory hosts the world-class, low-sulphide, quartz vein Tanami deposit. Australia’s eastern states host many substantial gold deposits in a range of styles and provinces including Forsterville in Victoria (quartz-vein related), Cadia in New South Wales (porphyry gold copper) and Mount Carlton in Queensland (epithermal). The discovery of the Tropicana deposit (5 million ounces of gold) in the Albany-Fraser Belt of Western Australia highlights the potential for major new gold discoveries in Australia. Ongoing exploration suggests that Tropicana may be the first discovery in a new gold province.


38

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

SeeInset A

Attila

Glenburgh

Mount Olympus

Rosemont

Hillside

Rosebery

Twin BonanzaMount Carlton

Red Dome

Mount Rawdon

Copper Hill

Marsden

Peak Mines

Maud CreekCosmo Howley

Cowal

Batman

Telfer

Mungana

Kalkaroo

Big Bell

Sarsfield

Fosterville

Olympic Dam

Ernest Henry

Plutonic

NorsemanBoddington McPhillamys

Northparkes

Moolart Well

Edna May-WestoniaCarrapateena

Cadia Valley

Agnew Project

Mount Elliott

Prominent Hill

Charters Towers

Tanami -Newmont

Garden Well-Erlistoun

150°140°130°120°

10°

20°

30°

40°

50°

0 500 km

13-7383-28

WA Tropicana

Whirling Dervish

Hamlet

Aphrodite

Frog's Leg

Sunrise Dam

Tindals

Ora Banda

Granny Smith

Bullabulling

Kanowna BelleMount Pleasant

Sons of Gwalia

Kalgoorlie (Super Pit)HBJ (Hampton-Boulder-Jubilee)

124°122°120°

30°

Inset A

0 75 km

Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian gold deposits (tonnes gold)

30–50

50–100

100–500

500–1000

1000–3000

>3000

Figure 3.12 Australia’s major gold deposits based on total Identified Resources.



39

Resources and ReservesTable 3.17 Australia’s resources of gold and world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production in

2012



in 2012

t 4119 (42%) 9909 372 122 4571 9879 251 54 300 2660

Moz 145.3 349.5 13.1 4.3 161.2 348.5 8.9 1915.4 93.8

Source: Geoscience Australia, the Bureau of Resources and Energy Economics and the United States Geological Survey; Paramarginal and submarginal demonstrated resources are subeconomic at this time; t = tonnes; Moz = million ounces.


Victoria 1%Tasmania 1% Tasmania 1%


Victoria 2% 13-7383-2

Gold


New South Wales18%


South Australia28%

New South Wales16%

South Australia25%


Queensland5%

Queensland8%

Figure 3.13 Percentages of Economic Demonstrated Resources and total resources of gold held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.18 World economic resources for gold.

Rank Country Gold (t)Percentage of

world total


2 South Africa 6000 11%

3 Russia 5000 9%

4 Chile 3900 7%

5 Indonesia 3000 6%

6 Brazil 2600 5%

7 Peru 2200 4%

8 China 1900 3%

9 Uzbekistan 1700 3%

10 Ghana 1600 3%

Others 16 700 31%

Total 54 500

Source: United States Geological Survey and Geoscience Australia; Figures are rounded to the nearest hundred tonnes; Percentages are rounded so might not add up to 100% exactly; t = tonnes.

Table 3.19 World production for gold.

Rank Country Gold (t)Percentage of

world total

1 China 370 13%

2 Australia 251 9%

3 United States of America

230 8%

4 Russia 205 7%


6 Peru 165 6%

7 Canada 102 4%

8 Indonesia 95 3%

9 Uzbekistan 90 3%

10 Mexico 87 3%

Others 1096 38%

Total 2861

Source: United States Geological Survey and the Bureau of Resources and Energy Economics; Percentages are rounded so might not add up to 100% exactly; t = tonnes.


40

Trends

Gold EDR has increased steadily since 1975 with a clear increase in the rate of growth since 1983 (Figure 3.14). Much of the increase can be attributed to the successful introduction of carbon-based processing technology that allowed the profitable processing of relatively low-grade ore deposits. In addition, the higher than previous

prevailing gold prices (denominated in US$) supported high levels of exploration for gold to the extent that gold accounted for more than half of the total mineral exploration expenditure in Australia for many years. Increased exploration contributed to the increases in EDR.

01990

Year1985 1995 20001980 201020051975

10 000

Tonn

es

9000

8000

7000

6000

5000

4000

3000

2000

1000

2012

13-7383-11

Gold

Figure 3.14 Trends in Economic Demonstrated Resources for gold since 1975.


Resource to Production RatioTable 3.20 Indicative years of gold resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production 15 20 30 30 30 35 40

The AEDR/production ratio is heavily skewed by low-grade copper deposits, which have an AEDR/production ratio of 65 years. Lode gold deposits have an AEDR/production ratio of 20 years.



41

Iron OreIron (Fe) is a metallic element which constitutes about 5% of the Earth’s crust and is the fourth most abundant element in the crust. Iron ores are rocks from which metallic iron can be economically extracted. The principal iron ores are hematite (Fe2O3) and magnetite (Fe3O4). Almost all iron ore is used in blast furnaces to make pig iron, which is the main material for steelmaking. Small amounts of iron ore are used in other applications such as coal wash plants and cement manufacturing. Iron is the most used metal accounting for about 95% of total metal tonnages produced worldwide.

Hematite is an iron oxide mineral. It is non-magnetic and has colour variations ranging from steel silver to reddish brown. Pure mineral hematite contains 69.9% iron. It has been the dominant iron ore mined in Australia since the early 1960s and approximately 96% of Australia’s iron ore exports are high-grade hematite, most of which has been mined from deposits in the Hamersley province in Western Australia. The Brockman Iron Formation in the Hamersley province contains significant examples of high-grade hematite iron ore deposits.

Magnetite is another iron oxide mineral. It is generally black and highly magnetic, the latter property aiding in the beneficiation of magnetite ores. Mineral magnetite contains 72.4% iron, which is higher than hematite but the presence of impurities results in lower ore grade, making it more costly to produce the concentrates used in steel smelters. Magnetite mining is an emerging industry in Australia with large deposits being developed in the Pilbara and mid-West regions of Western Australia, and in South Australia.

High-grade hematite ore is referred to as direct shipping ore (DSO) because after it is mined, the ores go through a relatively simple crushing and screening process before being exported for use in steelmaking. Australia’s hematite DSO from the Hamersley region in Western Australia averages from 56% to 62% iron. Like hematite ores, magnetite ores require initial crushing and screening, but undergo a second stage of processing that relies on the magnetic properties of the ore and involves magnetic separators to extract the magnetite and produce a concentrate.

Further processing involves the agglomeration and thermal treatment of the concentrate to produce pellets that can be used directly in blast furnaces, or in direct reduction steel-making plants. The pellets contain 65% to 70% iron, which is a higher iron grade than the hematite DSO currently being exported from the Hamersley region. Additionally, when compared to hematite DSO, the magnetite pellets contain lower levels of impurities, particularly phosphorous, sulfer and aluminium. These pellets are premium products that attract higher prices from steel makers, offsetting the higher costs of their production.

Large economically viable deposits of iron ore are essentially restricted to Western Australia and South Australia (Figure 3.15). Western Australia dominates both EDR and total resources, holding some 91% and 86%, respectively (Figure 3.16). South Australia holds 8% of iron ore EDR and 10% of total iron ore resources. Small deposits occur in Tasmania, the Northern Territory and New South Wales.


42

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

See Inset A

Pardoo

Karara

HawsonsWarramboo

Jack Hills

Mount Bevan

Robe JV

Lodestone

Razorback

Lake Giles

West Pilbara

Cape Lambert

Mount Forrest

Hamersley Iron

Balmoral Central

BalmoralSouthern

Mutooroo-Muster Dam

North Star-Iron Bridge

0 500 km

13-7383-29

Hamersley Iron

WA

YandiRoy Hill

Jimblebar

Solomon HubMarillana

Nyidinghu

Hope Downs

Mount NewmanRhodes Ridge

Western Ridge

Mining Area C

Chichester Hub

North Star-Iron Bridge

120°118°

22°

Inset A

0 75 km

150°140°130°120°

20°

30°

40°

50°Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian iron ore deposits (million tonnes iron ore)

1000–2000

2000–3000

3000–4000

4000–5000

>10 000

5000–10 000

Figure 3.15 Australia’s major iron ore deposits based on total Identified Resources.



43

Resources and ReservesTable 3.21 Australia’s resources of iron ore and contained iron with world figures as at December 2012.

Commodity UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production

in 2012



in 2012

Iron ore Mt 15 305 (34%)

44 650 566 1365 73 570 44 650 520 175 650 2959

Contained iron

Mt 7931 (38%) 20 638 224 473 33 827 20 638 n.a. 83 688 n.a.

Source: Geoscience Australia, the Bureau of Resources and Energy Economics and the United States Geological Survey; Paramarginal and submarginal demonstrated resources are subeconomic at this time; Mt = million tonnes; n.a. = not applicable.

Northern Territory 1% Queensland <1%



New South Wales <1%

Tasmania <1%

New South Wales 2%Northern Territory 1%

Queensland 1%

SouthAustralia

8% SouthAustralia

10%

Tasmania <1%

13-7383-5

Victoria<1%

Australian Capital Territory <1%

Iron Ore


Figure 3.16 Percentages of Economic Demonstrated Resources and total resources of iron ore held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.22 World economic resources for iron ore.

Rank Country Iron ore (Mt)Percentage of

iron ore world totalContained iron (Mt)

Percentage of contained iron world total

1 Australia 44 700 25% 20 600 25%

2 Brazil 29 000 16% 16 000 19%

3 Russia 25 000 14% 14 000 17%

4 China 23 000 13% 7200 9%

5 India 7000 4% 4500 5%

6 United States of America 6900 4% 2100 3%

7 Ukraine 6500 4% 2300 3%

8 Canada 6300 4% 2300 3%

9 Venezuela 4000 2% 2400 3%

10 Sweden 3500 2% 2200 3%

Others 23 800 13% 10 000 12%

Total 179 650 83 650

Source: United States Geological Survey and Geoscience Australia; Figures are rounded to the nearest hundred million tonnes; Percentages are rounded so might not add up to 100% exactly; Mt = million tonnes.


44

Table 3.23 World production for iron ore.

Rank Country Iron ore (Mt)Percentage of

world total

1 Australia 520 26%

2 Brazil 375 19%

3 China 281 14%

4 India 245 12%

5 Russia 100 5%

6 Ukraine 81 4%


8 United States of America 53 3%

9 Canada 40 2%

10 Iran 28 1%

Others 197 10%

Total 1981

Source: United States Geological Survey, the Bureau of Resources and Energy Economics and United Nations Conference on Trade and Development; Mt = million tonnes; Percentages are rounded so might not add up to 100% exactly.

Trends

Australia’s EDR of iron ore declined from 1994 to 2003 (Figure 3.17) as a result of the combined impacts of increased rates of mine production and mining companies re-estimating reserves and resources to comply with the requirements of the JORC Code. Post 2003, EDR increased rapidly to 44 700 Mt in December 2012 (Figure 3.17), due to large increases in magnetite resources (including reclassification of some magnetite deposits to economic categories), and increases in hematite resources, mainly at known deposits. Mine production increased rapidly from 168 Mt in 2000 to 520 Mt in 2012.

0

45

35

30

25

20

15

10

5

’000

milli

on to

nnes

1975 1990

Year1985 1995 20001980 20102005 2012

40

13-7383-14

Iron Ore

Figure 3.17 Trends in Economic Demonstrated Resources for iron ore since 1975.


Resource to Production RatioTable 3.24 Indicative years of iron ore resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production 100 60 70 70 80 75 85



45

NickelNickel (Ni) is a lustrous, silvery-white metal that has relatively low electrical and thermal conductivities, has strength and toughness at elevated temperatures, is easily shaped into thin wires and flat sheets and is capable of being magnetised. More than 80% of nickel production is used in alloys. When alloyed with other elements, nickel imparts toughness, strength, resistance to corrosion and various electrical, magnetic and heat resistant properties. About 65% of world nickel output is consumed in the manufacture of stainless steel, which is used widely in the chemical industry, motor vehicles, the construction industry and in consumer products such as sinks, cooking utensils, cutlery and white-goods. Other uses of nickel include nickel-cadmium rechargeable batteries, some jewellery and medical applications, such as artificial hips and knees.

Some of the world’s largest komatiite-hosted nickel sulphide and lateritic deposits occur in Australia, predominantly in Western Australia. In 2012, Australia was the largest holder of economic nickel resources in the world with approximately 25% of global resources.

Australia’s nickel production is dominated by komatiite deposits (82%) that are associated with Archean (>2 500 million years old) greenstone sequences, whereas the majority of Australia’s nickel resources are located in laterite deposits (69%). This is in contrast to the world situation where komatiite deposits (18%) provide the fourth largest contribution after flood basalts (30%), astrobleme (20%) and basal sulphide associations (20%).

Australian komatiite-hosted and layered mafic-ultramafic intrusion nickel deposits usually occur in Archean cratons or Proterozoic orogens and, therefore, are largely confined to the older crustal components of Western Australia, such as the Eastern Goldfields Province and the Yilgarn Craton, and of South Australia (Figure 3.18). Western Australia is the largest holder of nickel resources with about 90% of total Australian economic resources, followed by New South Wales with 5%, Queensland with 4% and Tasmania with less than 1% (Figure 3.19).

Most of Australia’s nickel is produced from the mines at Mount Keith and Leinster, located north of Kalgoorlie in Western Australia. Australia was the fourth-largest nickel producer in 2012 behind the Philippines, Indonesia and Russia, accounting for 12.5% of estimated world mine production.


46

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

See Inset A

Young

Nyngan

Bell Creek

Flying Fox

Nebo Babel

Avebury

SyerstonHomeville

Slopeaway

Lake Innes

Wingellina

Maggie Hays

Claude Hills

Ravensthorpe

Mount Thirsty

Spotted Quoll

150°140°130°120°

10°

20°

30°

40°

50°

0 500 km

13-7383-30

Lanfranchi

Cawse

WA

Hepi

Cliffs

Kambalda

Boyce CreekAubils

Bulong

Cosmos

Wiluna

Jericho

KalpiniSiberiaGrey Dam

Pyke Hill

CanegrassPinnaclesGoongarrie

WeldRange

Yakabindie

Ghost RocksJump-Up Dam

Mount Keith

Lake Rebecca

PerseveranceMurrin MurrinMount Windarra

Honeymoon Well

Mount Margaret-Marshall Pool

124°120°

26°

30°

Inset A

0 100 km

Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian nickel deposits (million tonnes nickel)

<0.5

0.5–1

1–2

2–3

>3

Figure 3.18 Australia’s major nickel deposits based on total Identified Resources.



47

Resources and ReservesTable 3.25 Australia’s resources of nickel with world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production in

2012



2012

Mt 7.5 (42%) 17.7 4.2 0.2 17.8 17.7 0.244 72.6 2.14




Queensland 4%Tasmania <1%

13-7383-4

Queensland 3%Northern Territory <1%

New South Wales 5%South Australia 1%Tasmania 1%

Nickel


Figure 3.19 Percentages of Economic Demonstrated Resources and total resources of nickel held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.26 World economic resources ranking for nickel.

Rank Country Nickel (kt)Percentage of

world total

1 Australia 17 700 24%

2 New Caledonia 12 000 17%

3 Brazil 7500 10%

4 Russia 6100 8%

5 Cuba 5500 8%

6 Indonesia 3900 5%


8 Canada 3300 5%

9 China 3000 4%

10 Madagascar 1600 2%

Others 8400 12%

Total 72 700

Source: United States Geological Survey and Geoscience Australia; Figures are rounded to the nearest hundred thousand tonnes; Percentages are rounded so might not add up to 100% exactly; kt = kilotonnes.

Table 3.27 World production ranking for nickel.

Rank Country Nickel (kt)Percentage of

world total

1 Philippines 316 16%

2 Russia 269 14%

3 Indonesia 255 13%

4 Australia 244 13%

5 Canada 204 10%

6 New Caledonia 132 7%

7 China 93 5%

8 Brazil 87 4%

9 Cuba 66 3%

10 Colombia 52 3%

Others 228 12%

Total 1946

Source: World Bureau of Metal Statistics and the Bureau of Resources and Energy Economics; Percentages are rounded so might not add up to 100% exactly; kt = kilotonnes.


48

Trends

The EDR for nickel increased during the period 1995 to 2001 by 18.2 Mt (Figure 3.20). This resulted mainly because of progressive increases in resources of lateritic deposits at Bulong, Cawse, Murrin Murrin, Mount Margaret, Ravensthorpe, all in Western Australia, as well as Marlborough in Queensland and Syerston and Young in New South Wales. Between 1999 and 2000, Australia’s EDR of nickel doubled (Figure 3.20). This dramatic increase was a result of further large increases in resources at the Mount Margaret and Ravensthorpe deposits, and other lateritic deposits in the Kalgoorlie region of Western Australia. In addition, during the period 1995 to 2001 there were increases in resources of Western Australian sulphide deposits at Yakabindie, and the high-grade discoveries at Silver Swan and Cosmos.

From 2001 onwards, sharp rises in market prices for nickel led to increased expenditure on exploration and on evaluation drilling at many known deposits. This contributed to further increases in total EDR for sulphide

deposits at Perseverance, Savannah, Maggie Hays, Anomaly 1, Honeymoon Well deposits in the Forrestania area, as well as new deposits at Prospero and Tapinos in Western Australia, Avebury in Tasmania and remnant resources at several sulphide deposits in the Western Australia’s Kambalda region, including Otter-Juan and Lanfranchi groups of deposits.

However, the EDR increased at a slower rate from 2001 onwards (Figure 3.20) because of the absence of further discoveries of lateritic nickel deposits and as a result of increases in resources for some deposits being offset by companies reclassifying their lateritic nickel resources to lower resource categories pending more detailed drilling and resource assessments. Decreases in nickel EDR from 2009 onwards (Figure 3.20) reflect reclassification of nickel resources in response to the very sharp falls in nickel prices following the 2008-09 global financial crisis followed by only a partial recovery in nickel prices from 2009 onwards.

01990

Year1985 1995 20001980 201020051975

30

15

Milli

on to

nnes

25

20

10

5

2012

13-7383-13

Nickel

Figure 3.20 Trends in Economic Demonstrated Resources for nickel since 1975.


Resource to Production RatioTable 3.28 Indicative years of nickel resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production 65 120 130 145 120 95 75



49

Rare EarthsThe rare earth elements (REE) are a group of 17 metals that comprise the lanthanide series of elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu) in addition to scandium (Sc) and yttrium (Y), which show similar physical and chemical properties to the lanthanides. Rare earth elements are a relatively abundant group of elements that range in crustal abundance from cerium at 60 parts per million (ppm) to lutetium at 0.5 ppm. The REE have unique catalytic, metallurgical, nuclear, electrical, magnetic and luminescent properties. Their strategic importance is indicated by their use in emerging and diverse technologies that are becoming increasingly more significant in today’s society. Applications range from routine (e.g., lighter flints, glass polishing mediums, car alternators) to high technology (lasers, magnets, batteries, fibre-optic telecommunication cables) and those with futuristic purposes (high-temperature superconductivity, safe storage and transport of hydrogen for a post-hydrocarbon economy, environmental global warming and energy efficiency issues). Over the past two decades, the global demand for REE has increased significantly in line with their expansion into high-end technological, environmental and economic environments.

The group of REE is variously, and inconsistently, reported by companies as light REE consisting of La, Ce, Pr, Nd and, sometimes, Sm and heavy REE may start with Sm, followed by Eu through to Lu. However, the heavy REE are sometimes subdivided further into middle REE comprising Sm, Eu, Gd,

Tb and Dy with the remainder of the group, Ho to Lu, referred to as the heavy REE. Because of inconsistent reporting, the component elements of light, medium and heavy REE are best noted in each case. The resources of REE are usually reported as rare earth oxides (REO).

Identified resources of REO occur in the Northern Territory and all states except Tasmania (Figure 3.21 and Figure 3.22). Mount Weld in Western Australia is one of the world’s richest REE deposits. Other significant REE deposits occur in New South Wales at Toongi, in the Northern Territory at Nolans Bore and in Victoria at the Wim deposits. Olympic Dam in South Australia, however, contains an Inferred Resource of more than 47 million tonnes of REO, more than 23 times the total resource at Mount Weld (2.3 Mt).

China holds around 55 million tonnes, which is 50% of the world’s economic resources for REO, whilst Australia accounts for 3% of world EDR with 3.19 million tonnes (Table 3.30). Globally, the production of REE is dominated by China, which accounts for about 87% of production followed by the United States of America with about 6% (Table 3.31). Australia did not produce rare earths in 2012 but began producing them from the Mount Weld deposit at the Lynas Advanced Materials Plant in Malaysia in the June quarter of 2013. Historically, Australia has also exported large quantities of monazite from heavy mineral sands for the extraction of both rare earths and thorium.

Note that all figures for REE in this section are for REO and include yttrium oxide.


50

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

Wim 200

Toongi

Wim 100Avonbank

Mount Weld

Perth Basin

Nolans Bore

Olympic Dam

Charley Creek

Mary Kathleen

Wim 2500 500 km

13-7383-31

150°140°130°120°

10°

20°

30°

40°

Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian rare earth deposits (million tonnes rare earth oxides)

<0.5

0.5–1

1–3

>45

Figure 3.21 Australia’s major rare earth deposits based on total Identified Resources.


Resources and ReservesTable 3.29 Australia’s resources of rare earth oxides with world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production in

2012



2012

Mt 2.15 (67%) 3.19 0.42 31.14 22.33 3.19 0 115 0.106

Source: Geoscience Australia, the Bureau of Resources and Energy Economics and the United States Geological Survey; Paramarginal and submarginal demonstrated resources are subeconomic at this time, Mt = million tonnes.


51


South Australia83%


New South Wales 2%Northern Territory 3%

Queensland 1%

13-7383-6

Northern Territory24%

New South Wales18%

Victoria6%


Rare Earth Oxides

Figure 3.22 Percentages of Economic Demonstrated Resources and total resources of rare earth oxides held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.30 World economic resources for rare earth oxides.

Rank CountryRare earth oxides (t)

Percentage of world total

1 China 55 220 000 50%


13 120 000 12%

3 Australia 3 190 000 3%

4 India 3 172 000 3%

5 Malaysia 43 000 <1%

6 Brazil 38 200 <1%

Others 36 346 800 33%

Total 111 130 000

Source: United States Geological Survey and Geoscience Australia; REO includes Y2O3; Percentages are rounded so might not add up to 100% exactly; t = tonnes.

Table 3.31 World production for rare earth elements.

Rank CountryRare earth oxides (t)

Percentage of world total

1 China 103 800 87%


7000 6%

3 India 2856 2%

4 Malaysia 354 <1%

5 Brazil 315 <1%

Australia 0 0%

Others 575 4%

Total 118 900

Source: United States Geological Survey and the Bureau of Resources and Energy Economics; REO includes Y2O3; Percentages are rounded so might not add up to 100% exactly, t = tonnes.


52

Trends

Geoscience Australia’s historical data for resources of REO only dates to 1990. Recent trends show that the EDR of REO has significantly increased since 2006. China has historically dominated world production of REO (Table 3.31). However, in recent years China has reduced exports of these metals to other countries as

its domestic requirements of REO have increased. This increase in demand created a shortage of world supply. In the past decade, several companies have evaluated the resources within REE deposits in Australia (e.g., Nolans Bore and Mount Weld) resulting in a progressive increase in Australia’s EDR of REO (Figure 3.23).

01990 2000

Year1994 2002 20041992 20102006

Milli

on to

nnes

3.5

2012

3.0

2.5

2.0

1.5

1.0

0.5

13-7383-15

1996 1998 2008

Rare Earth Oxides

Figure 3.23 Trends in Economic Demonstrated Resources for REO+Y2O3 since 1990.


Resource to Production Ratio

Between 1973 and 1983, Australia exported monazite concentrates to a number of countries including France, the United Kingdom, the United States of America, Japan, Malaysia, India and Taiwan. These concentrates were from heavy mineral sands mining operations from Western Australia and from along the east coast of Australia. Rare earths and thorium were extracted from these concentrates in overseas processing plants. Detailed data are available on the tonnages of concentrates exported and the thorium grades. However, data on the grades of REE and the quantity of REE produced are not known.

In 2013, Australia began producing REO from the Mount Weld deposit in Western Australia. Lynas Corporation, reports that it produced 144 tonnes on a REO equivalent basis in the June quarter of 2013.

At this stage, it is not possible to give a meaningful indicative resource life based on the ratio of AEDR to current mine production.


53

UraniumUranium (U) is a radioactive element that averages one to four parts per million in the Earth’s crust. Natural uranium contains about 0.7% of the U235 isotope (the fissile isotope) and 99.2%of the U238 isotope. Concentrations of uranium minerals such as uraninite, carnotite and brannerite can form commercial deposits. Major uses for uranium are as a fuel for nuclear power reactors for electricity generation, in the manufacture of radioisotopes for medical applications and in nuclear science research using neutron fluxes.

Uranium resources are categorised using the OECD Nuclear Energy Agency and the International Atomic Energy Agency classification scheme for Reasonably Assured Resources (RAR). In this scheme, uranium resource estimates are for recoverable uranium, which deducts losses due to mining and milling. RAR recoverable at costs of <US$130/kg U equates to Economic Demonstrated Resources (EDR) in Australia’s National Classification Scheme. Australia has the world’s largest RAR of uranium and is currently the world’s third largest producer of uranium after Kazakhstan and Canada.

In Australia, uranium is recovered using both conventional (open-cut or underground) and in situ recovery (ISR) mining techniques. ISR can be used where geologically suitable and recovers uranium without excavating the ground. Uranium is extracted by means of an acid or alkaline solution which is pumped down injection wells into the permeable mineralised zone to remobilise uranium from the ore body. Then the uranium-bearing solution is pumped to the surface and recovered in a processing plant. ISR mining is used extensively in Kazakhstan, Uzbekistan and the United States of America. In Australia, there are currently two ISR mines and a satellite ISR operation in South Australia at Honeymoon and Beverley/Beverley North, and another South Australian ISR operation at Four Mile is expected to begin production in 2013. The conventional uranium mines in Australia are Olympic Dam in South Australia, which is an underground operation, and Ranger in the Northern Territory where open-cut mining ended in November 2012 and the company is investigating the possibility of an underground mine.

There have been a number of legal developments in the Australian uranium industry over the past decade. The industry has been bolstered by bipartisan Commonwealth support for uranium mining, the lifting of bans on uranium mining in Western Australia and Queensland and the New South Wales Government’s repeal of the ban on uranium exploration.

Australia’s identified uranium resources occur in the Northern Territory and all states except Victoria and Tasmania (Figure 3.24 and Figure 3.25). Olympic Dam in South Australia is a hematite breccia complex and

is the world’s largest uranium deposit. Geoscience Australia estimates that it contains 77% of Australia’s RAR recoverable at less than US$130/kg U. Unconformity-type deposits such as Ranger, Jabiluka, Koongarra in the Northern Territory and Kintyre in Western Australia account for 13% of Australia’s resources. Sandstone-hosted deposits account for 3% of Australia’s uranium resources and are more widespread occurring at Beverley, Honeymoon and Four Mile in South Australia, Junnagunna, Red Tree and Huarabagoo in Queensland, Angela in the Northern Territory and Manyingee, Mulga Rock and Oobagooma in Western Australia. Calcrete deposits also account for 3% of Australia’s resources with Yeelirrie in Western Australia the largest of this type. Others include Lake Way and Centipede (both part of the Wiluna Project) and Lake Maitland, all in Western Australia. Other types of uranium deposits hosting significant resources in Australia include the metasomatic deposits of Valhalla and Skal in Queensland, the volcanic-hosted Ben Lomond and Maureen deposits in Queensland and the alkaline intrusion that hosts Toongi in New South Wales.

According to the World Nuclear Association (WNA), in July 2013 there were 432 commercial nuclear power reactors operating in 30 countries, most of which are light water type reactors. This number is lower than the peak of 442 at December 2010 due to the closures of nuclear plants in several countries following the damage at the Fukushima Daiichi nuclear power plant in Japan caused by a tsunami in March 2011. The total installed nuclear generating capacity is 371 870 megawatts, which provides about 11% of the world’s electricity generation (source: WNA). The total uranium required to fuel these reactors is approximately 66 500 tonnes in 2013 of which primary uranium supplies 84% and secondary sources the remainder. Secondary sources arise from the reprocessing of spent nuclear fuel, blended down highly-enriched uranium from nuclear weapons, or mixed oxide fuels.

Australia does not have any nuclear power reactors and there are currently no plans for Australia to have a domestic nuclear power industry. Australia exports all of its uranium to countries within its network of bilateral safeguards agreements, which ensure that it is used only for peaceful purposes and does not enhance or contribute to any military applications. Australian mining companies supply uranium under long-term contracts to electricity utilities in the United States of America, Japan, China, the Republic of Korea, Taiwan and Canada as well as members of the European Union including the France, Germany, Sweden and Belgium. Since 2007, Australia has negotiated bilateral safeguards agreements for the export of uranium to China, Russia and the United Arab Emirates and, in December 2011, negotiations commenced with India on a bilateral safeguards agreement.


54

HOBART

TAS

BRISBANE

QLD

MELBOURNE

SYDNEY

VIC

NSW

NT

DARWIN

CANBERRA, ACT

ADELAIDE

WA

SA

PERTH

E1

Toongi

Angela

Ranger

Maureen

Theseus

Redtree

Kintyre

Anketell

Billeroo

Double 8

Beverley

Oobagooma

Manyingee

Thatcher Soak

Pile Skal

Warrior

CappersBigrlyi Napperby

Hillview

Lake Way

Valhalla

Jabiluka

Honeymoon

Pepegoona

MillipedeNowthanna

Ranger 68

Centipede

Mount Gee

Yeelirrie

Koongarra

Huarabagoo

Windimurra

Ben Lomond

Junnagunna

Mulga Rock

Nolans Bore

Olympic Dam

Bennett Well

Carrapateena

Lake Maitland

Mary Kathleen

Four Mile EastFour Mile West

Dawson-Hinkler Well

0 500 km

13-7383-32

150°140°130°120°

10°

20°

30°

40°

Geological regions

Cenozoic

Mesozoic

Permian

Carboniferous

Devonian

Silurian

Ordovician

Cambrian

Paleozoic

Neoproterozoic

Mesoproterozoic

Paleoproterozoic

Archean

Operating mine

Deposit

Major Australian uranium deposits (tonnes uranium)

<5000

5000–10 000

10 000–50 000

50 000–100 000

>1 000 000

100 000–1 000 000

Figure 3.24 Australia’s major uranium deposits based on total Identified Resources.


Resources and ReservesTable 3.32 Australia’s resources of uranium with world figures as at December 2012.

UnitsJORC

Reserves (% of EDR)


Resources (EDR)


Resources


Resources

Inferred Resources

Accessible EDR

Mine Production in

2012



2012

kt 373 (34%) 1174 34 0 590 1104 7.009 3472 58.394

Source: Geoscience Australia, the Bureau of Resources and Energy Economics, the Organisation for Economic Cooperation and Development/Nuclear Energy Agency and International Atomic Energy Agency, World Nuclear Association; Paramarginal and submarginal demonstrated resources are subeconomic at this time; kt = kilotonnes.


55

New South Wales <1%

13-7383-7

Uranium

Economic Demonstrated Resources Total Resources(RAR recoverable at cost of less than US$130/kg U)

NorthernTerritory

10%

Queensland 3%

South Australia81%


South Australia80%

Western Australia 6% Queensland 4%

NorthernTerritory

10%

Figure 3.25 Percentages of Economic Demonstrated Resources (RAR recoverable at costs <US$130/kg U) and total resources of uranium held by the states and territories in Australia. Total resources comprise all Demonstrated and Inferred Resources. Numbers are rounded so might not add up to 100% exactly.


World RankingTable 3.33 World economic resources for uranium.

Rank CountryUranium (t)

(RAR <US$130/kg U)Percentage of

world total

1 Australia 1 174 000 34%

2 Niger 339 000 10%

3 Kazakhstan 319 900 9%

4 Canada 319 700 9%

5 Namibia 234 900 7%


207 400 6%

7 Russia 172 900 5%

8 Brazil 155 700 4%

9 South Africa 144 600 4%

10 China 109 500 3%

Others 293 900 8%

Total 3 471 500

Source: Organisation for Economic Cooperation and Development/Nuclear Energy Agency and International Atomic Energy Agency and Geoscience Australia; Figures are rounded to the nearest hundred tonnes. Percentages are rounded so might not add up to 100% exactly; t = tonnes; kg = kilograms; RAR = Reasonably Assured Resources at costs <US$130/t uranium).

Table 3.34 World production for uranium

Rank Country Uranium (t)Percentage of

world total

1 Kazakhstan 21 317 37%

2 Canada 8999 15%


4 Niger 4667 8%

5 Namibia 4495 8%

6 Russia 2872 5%

7 Uzbekistan 2400 4%


1596 3%

9 China (a) 1500 3%

10 Malawi 1101 2%

Others 2438 4%

Total 58 394

Source: World Nuclear Association and the Bureau of Resources and Energy Economics; Percentages are rounded so might not add up to 100% exactly; t = tonnes; (a) Estimate.


56

Trends

The majority of Australia’s uranium deposits were discovered between 1969 and 1975 when approximately 50 deposits, including 15 with significant resource estimates, were discovered. Since 1975, only another five deposits have been discovered and, of these, only three deposits (Kintyre in the Paterson Province of Western Australia, Junnagunna in Queensland and Four Mile in South Australia have Reasonably Assured Resources recoverable at less than US$130/kg U (equates with EDR). As a result, the progressive increases in Australia’s RAR for uranium from 1975 to the present were largely because of the ongoing delineation of resources at known deposits.

From 1983 onwards, the Olympic Dam deposit in South Australia has been the major contributor to increases in Australia’s RAR. The large increases shown in Figure 3.26 occurred:

• in 1983, when initial resource estimates for Olympic Dam and Ranger No. 3 Orebody (Northern Territory) were made by the former Australian Atomic Energy Commission (‘a’ in Figure 3.26)

• in 1993, when further increases in RAR for Olympic Dam and first assessment of resources for the Kintyre deposit were made by Geoscience Australia’s predecessor, the Bureau of Mineral Resources (‘b’in Figure 3.26)

• in 2000, when increases were due to continuing additions to the Olympic Dam resources

• from 2007 to 2009, when a major increase in RAR for Olympic Dam was made after drilling outlined major extensions to the southeast part of the deposit.

Economic resources decreased in 2010 because of higher costs of mining and milling uranium ores. Resources in some deposits were reassigned to higher cost categories than in previous years. In previous years, resources in the cost category of less than US$80/kg uranium were considered to be economic. As a result of increases in costs and uranium market prices, economic resources from 2010 onwards were extended to include resources within the cost category of less than US$130/kg uranium.

01975 1990

Year1985 1995 20001980 20102005

1400

1200

1000

800

600

400

200

RAR recoverable at cost of less than US$40/kg URAR recoverable at cost of less than US$80/kg U

2012

13-7383-16

Uranium

(a)

(b)

Thou

sand

tonn

es

RAR recoverable at cost of less than US$130/kg U

Figure 3.26 Trends in Reasonably Assured Resources for uranium since 1975.


Resource to Production RatioTable 3.35 Indicative years of uranium resources (rounded to the nearest 5 years) as a ratio of Accessible Economic Demonstrated Resources divided by the production rate for each year.

Year 1998 2003 2008 2009 2010 2011 2012

AEDR/Production 105 80 125 140 175 180 160



57

Critical commoditiesThe availability of metal, non-metal and mineral raw materials (commodities) is important for the on-going development of a wide range of industries globally, including those involved in high-technology goods manufacturing (Table 3.36). Several countries or groups of countries have developed ‘risk lists’ of commodities that are considered to be ‘critical’ including the European Union, Japan, South Korea, the United Kingdom and the United States of America. The level of criticality of a commodity reflects the combination of risk of supply and the importance of the particular commodity from a mainly economic perspective. For example, highly critical commodities have both high risk of supply and high level of importance to a particular nation’s economy. Supply risks are in turn influenced by factors including:

• geological scarcity

• the geopolitical stability of supplier countries

• the level of concentration of resources, production and processing within particular countries or by individual companies

• method of recovery (e.g., as a by-product of a major commodity)

• trade policies.

Australia is a major exporter of mineral commodities yet is a relatively small consumer. Therefore the commodities that are critical for other countries are not critical, at present, for Australian industries, with a small number of possible exceptions relating to the agricultural sector (e.g., phosphate and potash).

The global demand for critical commodities (Figure 3.27) represents a potential opportunity for resource-rich Australia to contribute to meeting current and future growth in demand as well as adding diversity of supply.

To address this opportunity, Geoscience Australia has released a report on ‘Critical commodities for a high-tech world: Australia’s potential to supply global demand’9. The report examines Australia’s known resources of critical commodities and potential for discovery of new resources.

The study assesses the level of opportunity for Australia’s mineral exploration and mining industries for each of 34 commodities based on the level of criticality, Australia’s resources and potential, global market size and growth outlook. The results are presented in terms of categories of resource potential, summarised below and in Figure 3.28.

Commodities assessed as having category one (high) resource potential in Australia are chromium, cobalt, copper, nickel, platinum-group elements (PGE), rare-earth elements (REE), and zirconium. Of these seven commodities, five are ranked in the group considered as most critical by the European Union, Japan, South Korea, the United Kingdom and the United States of America (i.e., excluding copper and zirconium which are of low and moderate criticality, respectively). This assessment does not consider non-critical commodities such as ferrous metals, most base metals and energy commodities. Australia has category one resource potential in many of these non-critical commodities.

Commodities assessed as having category two resource potential in Australia are (in alphabetical order): antimony, beryllium, bismuth, graphite, helium, indium, lithium, manganese, molybdenum, niobium, tantalum, thorium, tin, titanium, and tungsten. Of these 15 commodities, eight are considered to be of highest criticality by the European Union, Japan, South Korea, the United Kingdom and the United States of America.

Some of the category one and category two metals and semi-metals (antimony, indium), as well as gallium, germanium, cadmium, tellurium and selenium, are primarily the by-products of the refining of the major commodities zinc, copper, lead, gold, aluminium and nickel. Australia’s high global ranking in resources of all of these major commodities implies that there is significant potential for new or increased production of the minor-element by-products listed above. Where recovery is currently uneconomic, opportunities may exist for improvements in mineral processing of ores to extract by-product critical commodities.

9 Critical commodities for a high-tech world: Australia’s potential to supply global demand: http://www.ga.gov.au/corporate_data/76526/76526.pdf



58

Table 3.36 Common uses of metals, non-metals and minerals in industrial and high-technology applications.

Driver of metal/material usage Technology/productCommodities used; bold indicates critical commodities

Industrial production efficiency and infrastructure development

Steel Fe, Cr, V, Mo, Ni, Co, Mn

Catalysts PGE (Pt, Pd)

Ceramics Li, Ce

Paint Ti, Cr

Moulds Zr

Flame retardant Sb

Cryogenics He

Low-emissions energy production Wind turbines—permanent magnets REE (Nd, Dy, Sm, Pr)

Photo-voltaics (PV) In, Sb, Ga, Te, Ag, Cu, Se

Nuclear reactors U, Th, Zr

Low-emissions energy usage Electric cars—batteries REE (La, Ce, Nd, Pr), Li, Ni, Co, Mn, graphite

Electric cars—magnets REE (Nd, Dy, Sm, Pr)

Electric cars—fuel cells PGE, Sc

Cars—light metals Al, Mg, Ti

Cars—catalytic converters PGE

Communications and entertainment technologies Wires Cu

Micro-capacitors—mobile phones etc Ta, Nb, Sb

Flat screens—phosphors In, Y

Fibre optics and infra-red Ge

Semiconductors Ga

Defence / security Nuclear/radiation detectors He

Armour and weapons Be, W, Cr, V

Aerospace—superalloys Re, Nb, Ni, Mo

Transport—fuel efficiency & performance Light alloysSuperalloys (high-temperature performance e.g. in jet engine turbines)High speed trains—magnets

Al, Mg, Ti, Sc, ThRe, Nb, Ni, MoCo, Sm

Water & food security Water desalination PGE, Cr, Ti

Agricultural production—fertiliser Phosphate rock; potash, Mg

Bolded elements are detailed in Geoscience Australia’s 2013 publication “Critical Commodities for a high-tech world: Australia’s potential to supply global demand”. Ag = silver; Al = aluminium; Be = beryllium; Ce = cerium; Co = cobalt; Cr = chromium; Cu = copper; Dy = dysprosium; Fe = iron; Ga = gallium; Ge = germanium; He = helium; In = indium; La = lanthanum; Li = lithium; Mg = magnesium; Mn = manganese; Mo = molybdenum; Nb = niobium; Nd = neodymium; Ni = nickel; Pd = palladium; PGE = platinum group elements; Pr = praseodymium; Pt = platinum; Re = rhenium; REE = rare earth elements; Sb = antimony; Sc = scandium; Se = selenium; Sm = samarium; Ta = tantalum; Te = tellurium; Th = thorium; Ti = titanium; U = uranium; V = vanadium; W = tungsten; Y = yttrium; Zr = zirconium.



59

USA (5)Ta, U, Bi, Ba, Be

Japan (13)He, Sb, As, In, Ga, Nb,

PGE, REE, Mo, Re, Sr, C

China (14)Sb, Te, Mn, Cd, W, F, Cr,Ni, Ti, Th, Zr, Cu, Co, Se

Malaysia (1) SnUkraine (1) Ge

Singapore (1) Hg

Germany (1) MgUnited Kingdom (1) V

13-7383-56

Figure 3.27 Leading importers of critical commodities. As = arsenic; Ba = barium; Be = beryllium; Bi = bismuth; Cd = cadmium; C = carbon; Co = cobalt; Cr = chromium; Cu = copper; F = fluorine; Ga = gallium; Ge = germanium; He = helium; Hg = mercury; In = indium; Mg = magnesium; Mn = manganese; Mo = molybdenum; Nb = niobium; Ni = nickel; PGE = platinum group elements; Re = rhenium; REE = rare earth elements; Sb = antimony; Se = selenium; Sn = tin; Sr = strontium; Ta = tantalum; Te = tellurium; Th = thorium; Ti = titanium; U = uranium; V = vanadium; W = tungsten; Zr = zirconium.

Resource potential

Category 1

Category 2

Category 3

Selenium18

29

Cobalt

Nickel

Chromium

Zirconium

Copper

56

13

16

25

36

IndiumTungsten

NiobiumMagnesium

MolybdenumAntimony

Manganese

GraphiteTin

Beryllium

Bismuth

Thorium

34

789

10

17

19

2122

24

26

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Gallium

LithiumVanadium

TantalumTellurium

Strontium

Germanium

Fluorine

Mercury

Arsenic

Barium

Cadmium

Rhenium

1112

1415

20

23

27

31

33

35

38

Zinc

Lead

Silver

Aluminium

GoldUraniumDiamond

Iron

28

32

34

37

39404142

12

Highcriticality

Moderatecriticality

Lowcriticality

Rare Earth Elements

Platinum Group Elements

13-7383-51

Titanium

Not assessed

Figure 3.28 Geoscience Australia Critical Commodity Assessment. The level of criticality is based on stated priorities from the United Kingdom, the European Union, the United States of America, South Korea and Japan. It reflects the risk of supply and the economic importance of the commodity. Categorisation of resource potential reflects Australia’s resources and, in particular, potential, market size and outlook for growth.


60


614. Projects

OverviewFrom 2003 to 2012, mining companies invested around $150 billion in over 330 minerals projects in Australia. This record high level of investment has already supported substantial increases in Australia’s production and export of mineral commodities. Moreover, with $60 billion-worth of projects under construction, there is still substantial growth in production of mineral commodities to come. Although the current phase of the investment cycle is approaching its peak, there remain substantial opportunities for further mining investment in Australia. The depth of Australia’s mineral resource base, and its proximity to key markets, suggests that the prospects for future investment remain positive.

Mineral projects in Australia undergoing development, redevelopment or expansion are listed in Appendix 2 and shown in Figure 4.1. The list includes start-up dates, development stage, estimated new capacity and indicative start-up costs. In 2012, there were 88 publicly announced mineral projects in Australia (Table 4.1), 143 projects at feasibility stage (Table 4.2) and 40 committed projects (Table 4.3).

Table 4.1 Publicly announced mineral projects in Australia 2012.

No. of Projects

Range ($m)

Aluminium, Bauxite, Alumina 4 2500 – 4500

Coal 19 24 335 – 28 085+

Copper 6 7503 - 9253

Gold 12 1779 – 2279+

Iron ore 19 35 400 – 55 650+

Lead, Zinc, Silver 4 135 - 635

Nickel 5 2500 – 5000

Uranium 4 2170 – 4170

Other Commodities 15 1000 – 2000

Total 88 77 322 -111 572

Source: Bureau of Resources and Energy Economics.

Table 4.2 Mineral projects at feasibility stage in Australia 2012.

CommodityNo. of

ProjectsValue ($m)

Aluminium, Bauxite, Alumina 3 3780

Coal 57 56 695

Copper 9 3088

Gold 12 1621

Iron ore 21 46 542

Lead, Zinc, Silver 2 417

Nickel 7 5490

Uranium 5 2100

Other Commodities 27 8882

Total 143 128 615


Table 4.3 Mineral projects committed to in Australia 2012.

No. of Projects

Value ($m)

Aluminium, Bauxite, Alumina 0 0

Coal 16 14 194

Copper 2 343

Gold 6 1416

Iron ore 8 22 022

Lead, Zinc, Silver 4 1933

Nickel 0 0

Uranium 1 98

Other Commodities 3 1595

Total 40 41 601



62

Throughout this section, a quantity in brackets after a project name is the estimated new yearly capacity; likewise, a dollar value in brackets after a project name is the indicative cost estimate, e.g., Hera (50 000 oz, $74 million).

Bauxite ProjectsInvestment in bauxite mines over the past 10 years has been low with growth in production coming mainly from higher production rates at existing mines as opposed to investing capital in the development of new sites. Since 2003, only two major bauxite projects have been developed in Australia: Rio Tinto’s $235 million Weipa mine expansion in northern Queensland and Bauxite Resources Ltd’s $50 million Darling Range project in Western Australia.

There are currently five bauxite projects being planned in Australia but there are no projects currently under construction. Three projects are at an early planning stage including Bauxite Resources’s Aurora mine in Western Australia (2 Mt), Cape Alumina Ltd’s Bauxite Hills project in northern Queensland (5 Mt) and Australian Bauxite Ltd’s Goulburn Bauxite Project in New South Wales. The two projects at a more advanced planning stage are Cape Alumina’s Pisolite Hills project (7 Mt, $380 million) and Rio Tinto’s South of Embley project (22 Mt, $1.4 billion). Both are located near Weipa in Queensland and could deliver substantial economic benefits to the region if approved for development.

Black Coal ProjectsGrowing demand and higher coal prices over the past 10 years have resulted in 77 coal mining projects with a combined investment value of $24 billion being developed in Australia. Of these 77 projects, there are 16 with a combined value of $14.2 billion that are still under construction, along with a further $8.2 billion of coal-related infrastructure projects. When completed, these projects will increase Australia’s black coal production capacity by around 60 Mt per year.

Included among these projects are the BHP Billiton Mitsubishi Alliance’s Caval Ridge and the just-completed Daunia mines in Queensland that will be among some of the largest metallurgical coal-producing mines in the world when completed. In New South Wales, Glencore Xstrata plc has invested over $2.4 billion on expansions to its Ravensworth North and Ulan West mines, which combined will provide over 14 Mt of thermal and semi-soft coal per year at full production.

Although growing construction costs and adverse market conditions over the past two years have resulted in a slowing in the rate of coal project approvals, there remains a substantial number of coal projects still being developed in Australia that could provide reliable, high-quality sources of black coal to world markets. There are 76 black coal

projects currently being planned in Australia, 57 of which have at least completed a preliminary feasibility study and are developing more detailed project plans to gain regulatory and corporate approvals. These 76 planned projects have a combined value of over $81 billion and production capacity of over 520 Mt of both thermal and metallurgical coal per year.

Many of these planned projects are located in the existing coal-producing regions of New South Wales and Queensland. These planned projects include a mix of expansions to existing mines and new mines and can take advantage of already existing infrastructure. While further expansions of the coal terminals at the Port of Newcastle have been delayed, there still remains sufficient capacity at the recently expanded Newcastle Coal Infrastructure Group and Kooragang Island terminals to accommodate production growth from planned projects such as Whitehaven Coal Ltd’s Maules Creek (10 Mt, $766 million) and Shenhua Energy Co Ltd’s Watermark (6 Mt, $978 million) mines in the Gunnedah basin of New South Wales. Similarly, core export infrastructure already exists that could support planned projects in the Bowen basin in Queensland.

There are also a number of high-value new mines being planned in the Galilee basin in Queensland. One of the key advantages of these greenfield developments is that they are larger mines that can deliver lower costs of production through economies of scale and integrated management of the mine site, rail system and port. Significant mines being developed in the Galilee Basin include Adani Mining Pty Ltd’s Carmichael mine (60 Mt, $7.1 billion), Waratah Coal Pty Ltd’s Galilee Coal Project (40 Mt, $8 billion including infrastructure), GVK Industries Ltd’s Alpha Coal Project (30 Mt, $10 billion including infrastructure) and Bandanna Energy Ltd’s South Galilee Coal Project (17 Mt, $4.1 billion). If these projects are developed, together they would increase Australia’s thermal coal exports by around 150 Mt per year and potentially provide the infrastructure for additional mines being planned in the region.

Copper ProjectsOver the past decade, there has been more than $5 billion invested in 21 major copper projects in Australia. This investment comprises 14 projects to develop new mines, such as Sandfire Resources NL’s DeGrussa mine (77 kt, $390 million) in Western Australia and Glencore Xstrata’s Cloncurry project (28 kt, $300 million) in Queensland, and seven expansions to existing mines such as the Northparkes mine in New South Wales and Glencore Xstrata’s Ernest Henry mine in Queensland.

There were two copper projects still under construction in Australia as at the end of April 2013. Although this number is lower than in recent years, there are also 15 projects with a combined value of over $10 billion being planned. The most significant of these is BHP Billiton Ltd’s Olympic Dam expansion in South Australia. This project


63

was delayed in 2012 to allow new, less capital-intensive designs to be considered, however, it still remains one the most significant projects being developed in Australia and is still expected to involve an investment of more than $5 billion. Previous plans targeted not only a doubling of copper production at the mine, but also substantial increases in gold and uranium production.

The next two largest copper projects under development are also located in South Australia. They are OZ Minerals Ltd’s Carrapateena (100 kt) and Rex Minerals Ltd’s Hillside (80 kt) mines. These projects are comparable to Olympic Dam and many other copper mines in that they are targeting significant gold production in addition to copper. Although not on the same scale as some of the very large copper mines being developed in other parts of the world, these projects still have very good prospects for producing large quantities of copper for export to key markets in the Asia-Pacific region.

Gold ProjectsOver the past 10 years, there have been 56 gold projects undertaken in Australia to develop new mines or extend existing operations. This is second only to iron ore in terms of the number of projects, however, the value of gold projects is considerably lower at around $8.8 billion. This is because many gold projects are lower in cost owing to their shorter project life and because they can operate economically on a much smaller scale. However, there have been some very large investments made in Australian gold mines in the past ten years, such as Newmont Mining Corp’s $2 billion Boddington mine in Western Australia and Newcrest Mining Ltd’s $1.9 billion Cadia East mine in New South Wales.

There are currently six gold projects under construction in Australia that have a potential combined output of around 1 Moz and total cost of $1.4 billion. The $750 million Tropicana joint venture between Anglo Gold Ashanti and Independence Group NL in Western Australia is the largest of these projects. Valued at $845 million it will produce around 480 000 oz per year when it ramps up to full production.

In Australia, there are 24 projects worth around $4 billion being developed that are targeting gold as a principal resource. This includes high-value projects such as Vista Gold Australia Pty Ltd’s Mt Todd project ($656 million) in the Northern Territory and Bullabulling Gold Ltd’s Bullabulling project ($346 million) in Western Australia as well as nine projects that will each cost less than $100 million and target lower production levels. There are an additional 10 projects that could produce gold while extracting other minerals such as copper. The largest of these are BHP Billiton’s multi-billion dollar expansion to the Olympic Dam mine and OZ Minerals’s Carrapateena mine, both located in South Australia.

Iron Ore ProjectsIron ore mining and related infrastructure projects have been one of the main drivers of the mining investment boom, with more iron ore projects committed to in Australia than projects for any other mineral over the past 10 years. Since 2003, 58 iron ore projects, with a combined value of around $70 billion, have been committed to in Australia with projects worth $35 billion currently under construction. Some of the largest single-project investments have included Citic Pacific Ltd’s Sino Iron Project ($8.4 billion), BHP Billiton’s Western Australia Iron Ore Rapid Growth Project 5 ($5.5 billion) and Rio Tinto’s Cape Lambert port expansion ($4 billion). All of these projects are located in the Pilbara region of Western Australia. There has also been a substantial investment of over $11 billion by Fortescue Metals Group in greenfield developments and infrastructure in the Pilbara region, which has established the company as one of the largest iron ore producers in the world.

Mines developed in the Pilbara have some of the lowest operating costs in the world as a result of project proponents’ investment in innovative technology and single-user infrastructure. For example, Rio Tinto’s use of driverless trucks as well as its ownership of both rail networks and port terminals have contributed to an average cash cost of under $40 per tonne for its Pilbara iron ore operations.

Although market volatility in 2012 led to a number of iron ore projects being cancelled, such as BHP Billiton’s Outer Harbour development at Port Hedland, there are still 52 iron ore projects with a combined value of over $90 billion being planned for development in Australia. While it is not expected that all of these projects will proceed through to construction, significant opportunities remain for further investment in iron ore projects in Australia.

One of the largest of these planned iron ore projects is Hancock Prospecting Pty Ltd’s Roy Hill project in the Pilbara. If it receives a positive final investment decision, this $9.5 billion project could support around 55 Mt of additional (hematite) iron ore being exported from Australia and provide up to 3600 jobs during construction and 2000 ongoing jobs when the mine is operating. Although still in early stages of planning, the three principal iron ore producers in the Pilbara (Rio Tinto, BHP Billiton and Fortescue Metals Group) have plans to further expand the capacity of their operations by a combined total of 210 Mt under the right market conditions.

Western Australia is not the only state with iron ore projects planned. South Australia currently has five iron ore mining projects and two related infrastructure projects under development that have a combined value of over $6 billion. If these projects were developed, they could produce up to 25 Mt of magnetite concentrate, which generally attracts a premium price for its higher iron content.


64

Nickel ProjectsRecord high nickel prices have supported the development of a number of new nickel mines, as well as expansions to existing operations, over the past ten years. However, there has been a noticeable decline in nickel-mine investment since the global financial crisis (GFC). This has coincided with nickel prices dropping from around US$50 000 a tonne in 2007 to less than US$15 000 a tonne in 2013.

There were 17 nickel projects, with a combined value of more than $5 billion, committed to and completed in the ten year period from 2003 to 2012. The majority of these projects have been located in Western Australia; with Avebury in Tasmania and Lucky Break in northern Queensland the only two projects not in that state.

Most of the 17 nickel projects commenced construction prior to the start of the GFC in 2008. This included BHP Billiton’s Ravensthorpe operation ($2.6 billion) and the Yabulu refinery expansion ($731 million), and Western Areas Ltd’s Forrestania project (stages 1 & 2, $165 million). There have been four nickel projects committed to since the GFC, including a redevelopment of the then mothballed Ravensthorpe project by new owner First Quantum Minerals Ltd in mid-2010 and Western Areas’s Spotted Quoll mine in mid-2009.

There are currently plans to develop 12 nickel projects in Australia. These are mainly new mines in Western Australia, such as Norilsk Nickel Group’s Honeymoon Well (45 kt) and Metals X Ltd’s Wingellina (40 kt) projects; however, current market conditions make the schedule for such projects uncertain. In the short term, it is more likely that mines that have recently been placed on care and maintenance will restart to fill any supply shortfalls in world nickel markets.

Uranium ProjectsRestrictions on exploration and production have limited the development of uranium projects in the past decade. Regulatory changes in Western Australia and Queensland now permit for uranium mines to be developed, while changes to exploration policies in New South Wales may allow mine development in the longer term. Although regulatory barriers have eased, uranium miners are

currently faced with challenging market conditions following the Fukushima reactor incident in 2011 and subsequent idling of most of Japan’s nuclear reactors. Current low uranium prices are not supportive of many projects proceeding, even though the long-term outlook is for substantial growth in uranium consumption as a result of rapid expansion in China’s nuclear power industry, coupled with the winding down of the “megatons to megawatts” program resulting from disarmament agreements over the past 20 years.

The Four Mile project is the only uranium mine currently under construction in Australia. This joint venture between Quasar Resources Pty Ltd and Alliance Resources Ltd is located near the existing Beverley uranium mine in South Australia and is targeting an eventual production level of 2300 tonnes per year. BHP Billiton’s Olympic Dam expansion, also located in South Australia, is one of the most important uranium projects being planned around the world. As one of the largest known uranium deposits, production from this site will be critical in supplying the forecast growth in nuclear power generation over the next decade. Another of Australia’s existing uranium mines is also subject to plans for redevelopment. Energy Resources Australia Ltd is currently developing plans for a new underground mine to replace its closed open cut mine at its Ranger mine in the Northern Territory. If developed, this new underground mine could extract around 3000 tonnes of uranium oxide a year from 2015.

Toro Energy Ltd’s Wiluna project (820 tonnes, $280 million) is the first uranium project in Western Australia to gain both Federal and state government approvals and could be the state’s first operating uranium mine. Cameco Corp’s Kintyre and recently acquired Yeelirrie projects are also being developed in Western Australia. With planned production levels of around 3500 tonnes a year, these projects are some of the largest planned uranium mines in the world. However, like many uranium projects, their development has stalled due to current market conditions.

In Queensland, projects such as Summit Resources Ltd and Paladin Energy Ltd’s joint venture Valhalla mine (4100 tonnes) and Laramide Resources Ltd’s Westmoreland mine (1400 tonnes) are still in early planning stages, but recent regulatory changes that allow uranium mining could result in them starting production in the medium term.


65

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66


675. Production

Over the past decade, there has been a substantial increase in Australia’s production and exports of mineral commodities. Traditional export destinations, such as Japan and South Korea, continue to be key destinations for Australian minerals; however it has been the rapid economic rise of China that has supported growth in Australia’s mining sector. From 2003 to 2012, China’s economy grew by 170%, an expansion that has resulted in a significant increase in its demand for mineral resources.

As a country with considerable mineral wealth, Australia has played an important role in supplying this increase in demand. In Australia, the phrase ‘mining boom’ is commonly used to refer to the rapid increase in exports and growing importance of the mining sector to the Australian economy. Although commodity prices have moderated as supply has caught up to demand in many commodity markets, thus reducing the earnings from Australian exports, the demand for resources is not expected to subside. For Australia, the mining boom is now transitioning from a period of investment to one of high production. The large investments in mining projects made over the past several years are expected to result in a period of sustained high production that continues to provide economic benefits to the country in the form of export revenues, royalties, employment and regional development.

BauxiteBauxite is a raw material used in the production of alumina and, subsequently, aluminium. Like many metals, world demand for aluminium, and therefore bauxite, has grown substantially over the past 10 years in response to economic growth in emerging Asian economies. Aluminium is typically consumed in economies with higher incomes as it is used principally in consumer items, such as cars and beverage containers, and construction activities that use more advanced materials.

Australian bauxite production has grown at an average annual rate of 3.6% from 55.6 Mt in 2003 to 76.3 Mt in 2012 (Figure 5.1). The growth in bauxite production was mainly supported by higher output at existing sites in Western Australia, Queensland and the Northern Territory rather than mines in new regions. In 2012, Australia was the largest producer of bauxite in the world, accounting for 29.7% of total production (Figure 5.2).

Although Australia is the largest producer of bauxite, Indonesia is the largest exporter. In Australia, most bauxite

is consumed in domestic alumina refineries with only 14% of production exported. Australia’s bauxite exports increased by 43% from 2003 to 2012; however, this represented an increase in export volume of only 3.2 Mt (Table 5.1) compared with bauxite production, which increased by 20 Mt over the same period. Australia’s alumina production increased 27% (or 4.4 Mt) from 2003 to 2012, to total 20.9 Mt in 2012.

02003 2004 2005

Year2006 2007 2008 2010

Prod

uctio

n (M

t)

10

2009 2011 2012

13-7383-33

80

70

60

50

40

30

20

Bauxite

Figure 5.1 Australia’s bauxite production. Source: Bureau of Resources and Energy Economics.

Australia30%

Other19%

Indonesia16%

China15%

Brazil13%

India 6%

Guinea 8%

13-7383-34

Bauxite total mine production = 257 Mt

Figure 5.2 Shares of world bauxite production (2012).Source: World Metal Statistics.

Table 5.1 Australia’s bauxite production and exports

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Production Mt 56 57 60 62 62 64 66 69 70 76

Export volumes Mt 7 6 5 6 7 9 6 8 10 10

Sources: Bureau of Resources and Energy Economics; Australian Bureau of Statistics; Mt = million tonnes.


68

Black coalIn 2003, black coal was Australia’s most valuable mineral export, worth around $11 billion. Although iron ore has since overtaken coal to be the most valuable export, coal export values still grew by 280% from 2003 to 2012 to be worth more than $41 billion. The strong growth in export values was the result of robust growth in production and significant increases in world coal prices. Although Australia’s export volumes have increased over the past 10 years, it has been replaced by Indonesia as the world’s largest exporter of coal (Figure 5.4). However, in terms of energy content, Australia still remains the world’s largest exporter as Indonesian coal typically has a much lower calorific content.

The growth in Australia’s black coal production and exports has been supported by substantial investment in both mines and infrastructure in two key coal-producing regions over the past decade. These are the Bowen basin in Queensland, which produces the majority of Australia’s metallurgical coal, and the Hunter-Gunnedah region in New South Wales, which produces most of Australia’s thermal coal.

Australia’s raw black coal production increased at an average annual rate of 4% between 2003 and 2012, to total 501 Mt in 2012 (Figure 5.3). Saleable production has grown at the same rate, totalling 379 Mt in 2012. Most of this growth in output has been sold abroad, with Australia exporting 316 Mt of black coal in 2012 (Table 5.2). This included 171 Mt of thermal coal and 145 Mt of metallurgical coal. This represented about a quarter of total world seaborne coal trade in 2012 (Figure 5.4).

Higher production was supported by greater export demand, particularly from emerging economies in Asia. Total exports of black coal increased from 215 Mt in 2003 to 316 Mt in 2012, representing average annual growth of 5%. The high calorific content of Australia’s coal and security of supply have made Australian coal appealing to energy import-reliant countries in Asia. Over the past 10 years, Japan and South Korea have accounted for more than half of Australia’s coal exports. China has been importing increasingly more of Australia’s coal exports, particularly thermal coal. The availability of cheap international supplies of coal has seen China emerge as a net coal importer over the past five years and, in 2012, it accounted for 20% of Australia’s total black coal exports.

400

300

200

100

02003 2004 2005

Year2006 2007 2008 2010

Prod

uctio

n (M

t)

50

2009 2011 2012

350

250

150

Metallurgical coal Thermal coal13-7383-35

Coal

Figure 5.3 Australia’s saleable coal productionSource: Bureau of Resources and Energy Economics.

Indonesia27%

Russia11%

Australia25%

Other15%

USA9%

Colombia 7%

South Africa 6%

13-7383-36

Coal total exports = 1137 Mt

Figure 5.4 Shares of world black coal exports (2011).Source: International Energy Agency.

Table 5.2 Australia’s black coal production and exports

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Raw production Mt 360 376 401 408 425 438 455 470 465 501

– thermal (saleable) Mt 164 171 177 185 184 197 203 200 205 229

– metallurgical (saleable)

Mt 117 123 131 130 145 141 140 165 138 148


– thermal Mt 103 107 108 112 112 126 139 141 148 171

– metallurgical Mt 111 117 125 124 138 135 135 159 133 145

Sources: Australian Bureau of Statistics; Bureau of Resources and Energy Economics; Coal Services Australia; Queensland Department of Natural Resources and Mines.; Mt = million tonnes.


69

CopperAustralia is the world’s fifth largest producer of copper ore and accounted for 5% of world production in 2012 (Figure 5.6). Australian mine production of copper grew at an average rate of 1% per year between 2003 and 2012. Production fluctuated over the decade as existing operations were periodically shut down and restarted in line with fluctuating prices. Copper production peaked at 959 kt in 2011 and declined to 914 kt in 2012 owing to lower grades of extracted ore and production disruptions at several mines.

New facilities commissioned in Australia over the past decade include the Lady Annie project (CST Mining Group Ltd) in Queensland, Prominent Hill (OZ Minerals Ltd) and Kanmantoo (Hillgrove Resources Ltd) in South Australia, and Boddington (Newmont) and the Jaguar project (Independence Group NL) in Western Australia. The Olympic Dam mine (BHP Billiton) in South Australia is the largest underground mine in Australia with an annual capacity of around 200 kt of copper. Plans are still being developed to increase this capacity further.

Australia’s exports of copper ores and concentrates increased at an average annual rate of 3.6% to 531 kt (metal content) in 2012 (Table 5.3). Export volumes were supported by greater demand for raw materials in China to support its rapid expansion of construction and infrastructure developments and manufacturing output. As a result of this growth in economic activity, China’s consumption of refined copper increased 187% over the past decade, from 3.1 Mt in 2003 to 8.8 Mt in 2013.

13-7383-37

2003 2004 2005

Year2006 2007 2008 2010

Prod

uctio

n (k

t)

2009 2011 2012

1000

Copper

950

900

850

800

750

Figure 5.5 Australia’s copper mine production.Source: Bureau of Resources and Energy Economics.

USA7%

Peru8%

China9%

Australia 5%Zambia 5%

Chile32%

Other34%

13-7383-38

Copper total mine production = 17 096 kt

Figure 5.6 Shares of world copper production (2012).Source: World Metal Statistics

Table 5.3 Australia’s copper mine production and exports

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Mine production kt 830 875 928 879 863 879 855 871 959 914

Refined production kt 484 498 468 429 442 503 445 424 477 460

Ores and concentrates exports (metal content)

kt 371 328 449 433 400 447 466 501 494 531

Refined exports kt 324 323 315 284 295 360 316 316 376 371

Sources: Bureau of Resources and Energy Economics; Australian Bureau of Statistics ; kt = kilotonnes.


70

GoldAustralia is the world’s second largest producer of gold after China and accounted for around 9% of global production in 2012 (Figure 5.8). Australia’s production of gold peaked at 304 tonnes in 1997 but has since declined and averaged around 250 tonnes a year for the period 2003 to 2012 (Figure 5.7). There were significant drops in production in 2008 and 2009 owing to lower ore grades being mined at a number of operations and mine closures in response to the global financial crisis. Australia’s gold production has since recovered to around 250 tonnes in 2012 but moderating prices in 2013 will place pressure on some of the higher cost mining operations.

Around 72% of Australia’s gold production is sourced from mines in Western Australia. Australia also imports a substantial amount of gold ore for refining and re-export. Higher gold prices over the past five years supported a rise in imports and, while domestic production peaked in the 1990s, exports peaked in 2008.

Australia’s gold exports grew 32% in the five years from 2003 to 2008 and peaked at a record 415 tonnes. Since then, exports have declined to levels below that of 2003 and were 282 tonnes in 2012 (Table 5.4). Conversely, earnings from gold exports increased at an average annual rate of 11% from $5.6 billion in 2003 to $15.2 billion in 2012 because of a five-fold increase in the price of gold between 2003 and 2012.

02003 2004 2005

Year2006 2007 2008 20102009 2011 2012

13-7383-39

250

150

100

Prod

uctio

n (to

nnes

)

50

200

300

350

Gold

Figure 5.7 Australia’s gold mine production.Source: Bureau of Resources and Energy Economics.

USA8%

Australia9%

Russia8%

Peru7%

13-7383-40

Gold total production = 2861 tonnes

Africa20%

China14%

Other34%

Figure 5.8 Shares of world gold production (2012).Source: Gold Fields Mineral Services.

Table 5.4 Australia’s gold production and exports.

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Mine production t 281 258 262 247 247 215 224 260 259 251

Export volumes t 313 311 306 349 411 415 362 331 308 282

Sources: Bureau of Resources and Energy Economics; Australian Bureau of Statistics ; t = tonnes.


71

Iron oreThe growth of Australia’s iron ore industry has been the principal driver of the ‘mining boom’. Between 2003 and 2012, Australia’s iron ore production increased by 144%, or 307 Mt, to total 520 Mt in 2012 (Figure 5.9). Australia’s production of iron ore increased by 43 Mt in 2012 alone, an amount greater than the total annual iron ore production of many countries (Table 3.23).

Demand growth in China has been the principal driver of the expansion of Australia’s iron ore industry and the majority of Australia’s iron ore exports are now sent to China where demand for iron ore has increased sharply over the past decade because of rapid growth in its domestic steel production. To supply this additional demand, iron ore producers have taken advantage of Australia’s high-quality iron ore deposits and relatively close proximity to China by investing in mining projects. This investment has included large expansions of capacity at existing operations owned by Rio Tinto and BHP Billiton, and the start-up of Fortescue Metals Group Ltd’s Chichester hub. The growth in production has also been supported by the emergence of new producers in the Pilbara region such as Atlas Iron Ltd, BC Iron Ltd and Citic Pacific Ltd.

Australia is the largest exporter of iron ore in the world and accounted for 44% of total world iron-ore trade in 2012 (Figure 5.10). Three of the world’s four largest iron ore exporting companies, Rio Tinto, BHP Billiton and Fortescue Metals Group, are based in Australia with operations in the Pilbara region of Western Australia. Many Australian producers are still placed at the lower end of the world cost-curve for iron ore production and are well positioned to meet the growing resource demands of Asia in the coming decades.

02003 2004 2005

Year2006 2007 2008 20102009 2011 2012

13-7383-41

600

500

300

200

400

Prod

uctio

n (M

t)

100

Iron Ore

Figure 5.9 Australia’s iron ore production.Source: Bureau of Resources and Energy Economics.

Other18%

Australia44%

Brazil29%

India 2%Canada 3%

South Africa 4%

13-7383-42

Iron ore total exports = 1127 Mt

Figure 5.10 Shares of world iron ore exports (2012).Sources: Bureau of Resources and Energy Economics; United Nations Conference on Trade and Development.

Table 5.5 Australia’s iron ore production and exports

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Production Mt 213 234 262 275 299 342 394 420 477 520


Sources: Bureau of Resources and Energy Economics; Australian Bureau of Statistics ; Mt =million tonnes.


72

NickelIn the past 10 years, Australia’s nickel mine production increased by 27% to total 244 kt in 2012. Growth in output has not been uniform over this period, which can be characterised into three phases. For the period 2003 to 2008, Australia’s mined nickel output averaged around 19 kt before declining substantially to below 170 kt per year in 2009 and 2010 (Figure 5.11). In this two year period, market volatility in the aftermath of the global financial crisis saw mines such the Blair, Cawse and Lake Johnston operations in Western Australia cease production.

Although nickel prices have not recovered to the record high levels seen in 2007 they have, nonetheless, rebounded, displayed less volatility and supported both the re-opening and commissioning of new mines in Australia. This included the restart of the Lake Johnston mine (Norilsk Nickel Group) and the redevelopment of the Ravensthorpe mine by new owners First Quantum Minerals Ltd and the commissioning of Spotted Quoll mine (Western Areas Ltd). As a result, Australia’s nickel production reached a new record of 215 kt in 2011 and 244 kt in 2012. Although a record year for nickel production, Australia was the fourth largest producer of mined nickel in 2012, behind the Philippines, Russia and Indonesia (Figure 5.12).

Underpinned by higher production in 2011 and 2012, Australia’s exports of nickel (total metal content) increased by 19.7% from 2003 to 255 kt in 2012 (Table 5.6). Australia’s exports are bolstered by refining and re-exporting ores imported from Indonesia, New Caledonia and the Philippines. Like most of Australia’s mineral exports, growth in nickel exports has been driven by higher demand in China.

02003 2004 2005

Year2006 2007 2008 20102009 2011 2012

13-7383-43

300

250

150

100

200

Prod

uctio

n (k

t)

50

Nickel

Figure 5.11 Australia’s nickel mine production. Source: Bureau of Resources and Energy Economics.

New Caledonia 7%

Russia14%

Other27%

Canada10%

Australia13%

Indonesia13%

Philippines16%

13-7383-44

Nickel total mine production = 1946 kt

Figure 5.12 Shares of world nickel production in 2012.Source: Bureau of Resources and Energy Economics.

Table 5.6 Australia’s nickel production and exports

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Mine production Kt 191 188 189 185 185 199 166 169 215 244

Export volumes (total metal content)

kt 213 204 221 200 195 210 215 214 217 255

Sources: Bureau of Resources and Energy Economics and the Australian Bureau of Statistics; kt = kilotonnes.


73

UraniumIn Australia, uranium was one of the few mineral commodities that did not exhibit substantial growth in production as a result of the growing demand for resources in emerging Asian economies that has occurred over the past 10 years. Although Australia has a large proportion of the world’s identified uranium resources, changes to policies surrounding exploration and mine development have meant it has taken some time to result in the commissioning of new projects. Consequently, current production capacity is almost unchanged from a decade ago.

In 2012, Australia had four operating uranium mines that produced a combined total of around 8200 tonnes of uranium oxide (Figure 5.13). While this was down only 8% relative to 2003, it is 27% lower than the record high of 11 200 tonnes produced in 2005.

Approximately 95% of production in 2012 was attributable to BHP Billiton’s Olympic Dam mine in South Australia and Energy Resources of Australia Ltd’s Ranger mine in the Northern Territory. Although production from the pit at the Ranger mine ceased in December 2012, the facility is now processing previously extracted ore and tailings while it continues to progress with plans to develop a new underground mine at the same site.

02003 2004 2005

Year2006 2007 2008 20102009 2011 2012

13-7383-45

6000

4000

Prod

uctio

n (to

nnes

)

8000

2000

10 000

12 000

14 000

Uranium

Figure 5.13 Australia’s uranium production (tonnes U308).Source: Bureau of Resources and Energy Economics.

Kazakhstan37%

Canada15%

Other20%

Australia12%

Namibia8%

Niger8%

13-7383-46

Uranium total production = 69 kt

Figure 5.14 Shares of world uranium production in 2012.Source: World Nuclear Association.

Table 5.7 Australia’s uranium production (tonnes U308).

Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Production t 8957 10 625 11 222 8970 10 141 9998 9349 7019 7030 8240

Source: Bureau of Resources and Energy Economics; t = tonnes.


74


756. Appendices

Appendix 1

Australia’s National Classification System for Identified Mineral Resources (2009 edition)

Introduction

Australia’s mineral resources are an important component of its wealth, and a long-term perspective of what is likely to be available for mining is a prerequisite for formulating sound policies on resources and land access.

In 1975, Australia (through the Bureau of Mineral Resources, which has evolved to become Geoscience Australia) adopted, with minor changes, the McKelvey resource classification system used in the USA by the then Bureau of Mines and the United States Geological Survey (USGS). Australia’s national system remains comparable with the current USGS system, as published in its Mineral Commodity Summaries.

Companies listed on the Australian Securities Exchange are required to report publicly on ore reserves and mineral resources under their control, using the Joint Ore Reserves Committee (JORC) Code (see http://www.jorc.org/). This has also evolved from the McKelvey system, so the national system and JORC Code are compatible. Data reported for individual deposits by mining companies are compiled in Geoscience Australia’s national mineral resources database and used in the preparation of the annual national assessments of Australia’s mineral resources.

Estimating the total amount of each commodity likely to be available for mining in the long term is not a precise science. For mineral commodities, the long-term perspective takes account of the following:

• JORC Code Reserves will all be mined, but they only provide a short term view of what is likely to be available for mining.

• Most current JORC Code Measured and Indicated Resources are also likely to be mined.

• Some current JORC Code Inferred Resources will also be transferred to Measured Resources and Indicated Resources and Reserves.

New discoveries will add to the resource inventory.

Classification principles

The national system for classification of Australia’s identified mineral resources is illustrated in Figure A1. It classifies Identified (known) Mineral Resources according to two parameters, the degree of geological assurance and the degree of economic feasibility of exploitation. The former takes account of information on quantity (tonnage) and grade while the latter takes account of economic factors such as commodity prices, operating costs, capital costs, and discount rates.

http://www.jorc.org/


76D

ecre

asin

g de

gree

of e

cono

mic

feas

ibilit

y

Decreasing degree of geological assurance

ECO

NO

MIC

DEMONSTRATED INFERRED

SUBM

ARG

INAL

PAR

AMAR

GIN

ALIDENTIFIED RESOURCES

SUBE

CO

NO

MIC

13-6953-15

Un

dif

fere

nti

ate

dFigure A1 Australia’s national classification system for mineral resources.Source: Geoscience Australia

Resources are classified in accordance with economic circumstances at the time of estimation. Resources that are not available for development at the time of classification because of legal and/or land access factors are classified without regard to such factors, because circumstances could change in the future. However, wherever possible, the amount of resource affected by these factors is stated.

Because of its specific use in the JORC Code, the term ‘Reserve’ is not used in the national inventory, where the highest category is ‘Economic Demonstrated Resources’ (EDR, Figure A1). In essence, EDR combines the JORC Code categories ‘Proved Reserves’, Probable Reserves’, plus ‘Measured Resources’ and ‘Indicated Resources’ as shown in Figure A2. This is considered to provide a reasonable and objective estimate of what is likely to be available for mining in the long term.

Terminology and definitions for Australia’s national system

‘Resource’: A concentration of naturally occurring solid, liquid or gaseous material in or on the Earth’s crust in such form and amount that economic extraction of a commodity from the concentration is currently or potentially (within a 20-25 year timeframe) feasible.

The definition does not intend to imply that exploitation of any such material will take place within that time span, but that exploitation might reasonably be considered. It should be applied also on a commodity by commodity basis to take account of prevailing and prospective technologies. The term includes, where appropriate, material such as tailings and slags. Mineralisation falling outside the definition of ‘Resource’ is referred to as an ‘occurrence’ and is not included in the national inventory.

‘Identified Resource’: A specific body of mineral-bearing material whose location, quantity, and quality are known from specific measurements or estimates from geological evidence for which economic extraction is presently or potentia sible.


77

Categories based on degree of geological assurance of occurrence

To reflect degrees of geological assurance, Identified Resources are divided into Demonstrated Resources and Inferred Resources:

1. ‘Demonstrated Resource’: A collective term used in the national inventory for the sum of ‘Measured Mineral Resources’, ‘Indicated Mineral Resources’ ‘Proved Ore Reserves’ and ‘Probable Ore Reserves’ (see Figure A2), which are all defined according to the JORC Code:

• A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

• An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

• A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

• A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

2. An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

By definition, Inferred Resources are classified as such for want of adequate knowledge and therefore it may not be feasible to differentiate between economic and Subeconomic Inferred Resources. Where the economics cannot be determined, these Inferred Resources are shown as ‘undifferentiated’.

Categories based on economic feasibility

Identified resources include economic and subeconomic components.

1. ‘Economic’: Implies that, at the time of determination, profitable extraction or production under defined investment assumptions has been established, analytically demonstrated, or assumed with reasonable certainty.

2. ‘Subeconomic’: Refers to those resources which do not meet the criteria of economic; Subeconomic Resources include Paramarginal and Submarginal categories:

• ‘Paramarginal’: That part of Subeconomic Resources which, at the time of determination, could be produced given postulated limited increases in commodity prices or cost-reducing advances in technology. The main characteristics of this category are economic uncertainty and/or failure (albeit just) to meet the criteria for economic.

• ‘Submarginal’: That part of Subeconomic Resources that would require a substantially higher commodity price or major cost-reducing advance in technology, to render them economic.

The definition of ‘economic’ is based on the important assumption that markets exist for the commodity concerned. All deposits that are judged to be exploitable economically at the time of assessment are included in the economic resources category irrespective of whether or not exploitation is commercially practical. It is also assumed that producers or potential producers will receive the ‘going market price’ for their production.

The information required to make assessments of the economic viability of a particular deposit is commercially sensitive. Geoscience Australia’s assessment of what is likely to be economic over the long term must take account of postulated price and cost variations. Economic resources include resources in enterprises that are operating or are committed, plus undeveloped resources that are judged to be economic on the basis of a realistic financial analysis, or compare with similar types of deposits in operating mines.


78

How is the national inventory compiled?

Virtually all of the mineral resource estimates compiled by Geoscience Australia’s commodity specialists, including Subeconomic Resources, originate from published mining

company sources reporting under the JORC Code. Given the common resource categories and definitions, the transfer of mineral resources from company reports into Australia’s national mineral resource categories is quite straightforward, as summarised in Fig. A2.

Dec

reas

ing

degr

ee o

f eco

nom

ic fe

asib

ility

Decreasing degree of geological assurance

ECO

NO

MIC

DEMONSTRATED INFERRED

SUBM

ARG

INAL

PAR

AMAR

GIN

AL

13-6953-16

IDENTIFIED RESOURCES

SUBE

CO

NO

MIC

INDICATEDMEASUREDCURRENT JORC RESOURCESPROVED PROBABLECURRENT JORC RESERVES

UNLESS ASSESSED BY GA AS SUBECONOMIC

Economic Demonstrated Resources (EDR)

JORC MEASURED AND INDICATEDRESOURCES ASSESSED BYGEOSCIENCE AUSTRALIA

TO BE SUBECONOMIC(INCLUDES HISTORIC

RESOURCES)

JORCINFERRED

RESOURCES(INCLUDESHISTORIC

RESOURCE)

Figure A2 Correlation of JORC Code mineral resource categories with Australia’s national mineral resource classification system.Notes:i. EDR comprise mainly current JORC Code reserves and resources, but minor proportions of EDR come from selected historic JORC Code

and pre-JORC Code reserves and resources;

ii. In some instances, where a deposit is reported as having Measured and/or Indicated Resources, particularly where there are no Reserves reported, a professional judgement is made by Geoscience Australia as to whether all or part of the reported Resources are included in EDR, or assessed as subeconomic; and

iii. Subeconomic Resources are largely from historic company reports but are still the most recent estimates, and it also includes proportions of resources from current company reports which are JORC Code compliant but have been assessed by Geoscience Australia as subeconomic.

Source: Geoscience Australia

In essence, for the reasons outlined above, the national inventory is compiled by:

• Incorporating the JORC Code Proved and Probable Ore Reserves and Measured and Indicated Mineral Resources into EDR.

• Transferring JORC Code Inferred Resources to the national Inferred Resources category. There is commonly insufficient information to determine whether or not Inferred Resources are economic.


79

In addition, Geoscience Australia makes decisions on the transfer of historic JORC Code and pre-JORC Code estimates of ore reserves and mineral resources. Some of these old estimates are economically less attractive under current conditions, usually due to lower commodity prices and/or unforeseen technical problems. Some of these resources may be removed from EDR and transferred to Paramarginal or Submarginal Resources. However, if such resources cannot be reasonably expected to become economic within a time frame of 20 to 25 years, they are removed from the national mineral resources database.

Companies report grade and tonnage data for individual deposits. However, it is not meaningful to add up grades

and tonnages from different deposits, so the national inventory reports only the aggregated total tonnage for each commodity – that is, the sum of the contained metal in individual deposits for each resource category, which has been derived from company reports.

Allowances for losses

Loss of resources resulting from mining and milling (metallurgical processing) are given for the reserve and resource categories of the JORC Code. The allowances for losses, which apply to all minerals except coal, uranium, thorium and oil shale, are summarised in Table A1.

Table A1 Allowance for mining and milling losses in the National and JORC Code systems.

National system JORC Code system Mining losses Milling (metallurgical) losses

DEMONSTRATED RESOURCES

Proved Ore Reserves DeductedNot deducted - but are considered

in assessing economic viability

Probable Ore Reserves DeductedNot deducted - but are considered

in assessing economic viability

Measured Mineral Resources Not deducted Not deducted

Indicated Mineral Resources Not deducted Not deducted

INFERRED RESOURCES Inferred Resources Not deducted Not deducted

Exceptions:i. For coal, the following resource categories are used – ‘Recoverable coal resources’ makes allowance for mining losses only. ‘Saleable coal’

makes allowance for mining as well as processing losses.

ii. Uranium and thorium resources are reported with losses resulting from mining and milling deducted from all categories, consistent with the international uranium resource classification system of the OECD Nuclear Energy Agency and International Atomic Energy Agency.

iv. Oil Shale resources are reported as recoverable oil.

Correlation of Australia’s national classification system for mineral resources with United Nations Framework Classification system

In order to compare Australia’s national inventory of mineral resources with those of other countries and estimate total global stocks, it is useful to map different systems onto a common international classification template.

The United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources 2009 (UNFC 2009) is an internationally applicable generic principle-based system in which mineral resource categories are classified on the basis of the three fundamental criteria of:

• economic and social viability (E),

• project status and feasibility (F), and

• geological knowledge (G).

• Mineral resource ‘classes’ are defined by using a numerical coding system ordered in a three-dimensional system along the three axes of E, F and G with ‘1’ being the highest category in terms of quality and knowledge and ‘4’ the lowest.

• A mineral resource class is defined by selecting from each of the three criteria a particular combination of a category or a sub-category.

• The codes are always quoted in the same sequence (e.g., E1; F1; G1),

• The letters may be dropped and just the numbers retained, for example 111 at class level or 3.2; 2.2; 1,2 at sub-class level; and

• These criteria may be further subdivided.

A full description of the UNFC system can be accessed at http://www.unece.org/energy/se/reserves.html

http://www.unece.org/energy/se/reserves.html


80

UNFC Classes defined by categories and sub-categoriesEx

tract

ed

CategoriesSub-classClass

Tota

l com

mod

ity in

itial

ly in

pla

ce

Additional quantities in place

(No sub-classes defined)

Additional quantities in place

E F G

4

44

1

1

1

2

2 3

3

3

3

2.23.2

3.2

3.3

3.3

3.3

2.3

3

3

Pote

ntia

l dep

osit

Sales production

Non-sales production

Development unclarified

Know

n de

posi

t

4

Development not viable*

Australia’s National Resource System

Commercialprojects

Potentiallycommercial

projects

Non-commercialprojects

Explorationprojects

2

212.1

2.2 1 2

2

2

Development pending

Development on hold

Economic Demonstrated Resources (EDR)

Paramarginal and Submarginal Resources

Inferred Resources

JORC Reserves

JORC Resources(Measured and Indicated)

13-7555-1

21

Approved for development

On production

Justified for development 1

1

1 1.1

1.2

1.3

1 2

1 2

Figure A3 Correlation of Australia’s national mineral resource classification system with United Nations Framework Classification (UNFC) system.Source: Geoscience Australia

As discussed previously (Figure A2), Geoscience Australia’s EDR comprises JORC Reserves and JORC Resources where:

• the JORC Reserves component of EDR correlates with the UNFC’s class of ‘Commercial Projects’ (as defined by mineral resource categories 111 and 112 in Figure A3); and

• the JORC Resources component correlates with ‘Potentially Commercial Projects’ (as defined by categories 221 and 222).

• Australia’s national Subeconomic Resources (Paramarginal and Submarginal) correlate with a subclass of UNFC’s ‘Non-Commercial Projects’ (categories 3.2; 2.3; 1,2).

• Geoscience Australia’s Inferred Resources are identified by the UNFC geological criterion G3 and is defined by 223.

UNFC’s mineral resource classes under ‘Potential Deposits’ comprise Exploration Results under the JORC Code and various types of quantitative estimates of undiscovered mineral resources which are not currently assessed under Geoscience Australia’s national mineral resource system.


81

Appendix 2

Mineral projects in Australia 2012

Proj

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ge 3

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km

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of

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snoc

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sion

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hase

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rces

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ital

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of

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rt in

frst

ruct

ure

Forg

e R

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WA

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t Hed

land

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pro

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m

agne

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ect

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ge 1

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Aus

trala

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esW

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0 km

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of

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low

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pro

ject

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Mag

netit

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a.y

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0

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rana

ld P

roje

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ka R

esou

rces

NS

W10

0 km

SE

of

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ura

New

pro

ject

2015

yn.

a.M

iner

al s

ands

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0

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alab

a ex

pans

ion

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kato

o C

oal

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150

km W

of

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dsto

neE

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sion

2014

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5M

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CI a

nd

ther

mal

coa

l41

3

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alab

a S

outh

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ocka

too

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lQ

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f B

aral

aba

Exp

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CI a

nd

ther

mal

coa

l30

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nes

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roto

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nd

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ents

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etal

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f B

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roje

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kel-C

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ktFe

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dium

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500

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xite

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sC

ape

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min

aQ

LD95

km

N o

f W

eipa

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Pro

ject

2015

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Mt

Bau

xite

0 - 2

50

Bel

vede

re u

nder

grou

ndVa

leQ

LD7

km N

E o

f M

oura

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Pro

ject

2016

y7

Mt

Cok

ing

coal

2814

Bel

view

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nmor

e C

oal

QLD

10 k

m E

of

Bla

ckw

ater

New

Pro

ject

2017

yn.

a.C

okin

g co

al86

9

Ben

galla

exp

ansi

on

(sta

ge 2

)R

io T

into

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4 km

SW

of

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wel

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xpan

sion

n.a.

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4M

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erm

al c

oal

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gste

n P

roje

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woo

d R

esou

rces

WA

220

km N

W

of N

ewm

anN

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roje

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14y

1.6

ktTu

ngst

en11

2

Big

rlyi

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rgy

Met

als

/ P

alad

in

/ S

outh

ern

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ss

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lora

tion

NT

320

km

NW

of A

lice

Spr

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new

min

e20

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y60

0t

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827

0

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gabr

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Idem

itsu

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anN

SW

17 k

m N

E o

f B

ogga

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Exp

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on20

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Mt

Ther

mal

coa

l50

0

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den’

s P

roje

ctK

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gate

NS

W27

km

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f M

udge

eN

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roje

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ughp

ut)

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er o

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0

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adm

eado

w (m

ine

life

exte

nsio

n)B

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iton

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ubis

hi

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ance

(BM

A)

QLD

30 k

m N

of

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anba

hE

xpan

sion

2013

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4M

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g co

al87

4

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klan

d P

roje

ctIro

n O

re H

oldi

ngs

WA

Pilb

ara

New

pro

ject

2015

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00kt

Hem

atite

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1000


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Proj

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pany

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catio

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ed

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timat

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goor

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t20

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186

000

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old

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lQ

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km

W o

f W

ando

anN

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roje

ct20

17y

5M

tTh

erm

al c

oal

994

Bur

rup

amm

oniu

m

nitra

te p

lant

Oric

a /

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a /

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che

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rup

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bird

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ewm

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roje

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a.y

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anga

nese

0-25

0

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rwen

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l Pro

ject

QC

oal /

JFE

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el

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pora

tion

QLD

20 k

m W

of

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nden

New

Pro

ject

2015

y10

Mt

Cok

ing

coal

1591

Can

egra

ssN

icke

lore

WA

70 k

m N

E o

f K

algo

orlie

New

pro

ject

nay

20kt

Nic

kel-C

obal

t50

0-10

00

Cap

e La

mbe

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ort a

nd

rail

expa

nsio

nR

io T

into

/ H

anco

ck

Pro

spec

ting

WA

40 k

m N

of

Kar

rath

aE

xpan

sion

2013

y60

Mt

Iron

Ore

5166

Cap

e La

mbe

rt p

ort

expa

nsio

nR

io T

into

/ H

anco

ck

Pro

spec

ting

WA

40 k

m N

of

Kar

rath

aE

xpan

sion

2015

y70

Mt

Iron

Ore

3100

Car

mic

hael

Coa

l P

roje

ct (m

ine

and

rail)

Ada

niQ

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0 km

NW

of

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ew P

roje

ct20

16y

60M

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erm

al c

oal

7100

Car

rapa

teen

aO

Z M

iner

als

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ited

SA

250

km S

E o

f P

rom

inen

t Hill

New

pro

ject

2017

y10

0, 1

00

000

kt, o

zC

oppe

r, G

old

1500

- 25

00

Cas

tle H

ill G

old

Pro

ject

Pho

enix

Gol

d W

A43

km

WN

W

of K

algo

orlie

New

pro

ject

2015

Y10

0 00

0-12

0 00

0oz

Gol

d11

0

Cat

aby

Min

eral

San

dsIlu

ka R

esou

rces

WA

150

km N

of

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thN

ew p

roje

ct20

14y

n.a.

Min

eral

san

ds0-

250

Cav

al R

idge

BH

P B

illito

n M

itsub

ishi

A

llian

ce (B

MA

)Q

LDS

E o

f M

oran

bah

New

Pro

ject

2014

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Mt

Cok

ing

coal

1870

Cen

tral E

yre

Iron

Pro

ject

Iron

Roa

d Lt

dS

A15

0 km

N o

f P

ort L

inco

lnN

ew p

roje

ctn.

a.y

12.4

Mt

Mag

netit

e25

90

Cen

tral M

urch

ison

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alsX

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7 km

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f C

ueR

edev

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men

t20

16y

95 0

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7

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tral Q

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slan

d In

tegr

ated

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l Pro

ject

Aur

izon

Qld

Sou

th G

alile

e B

asin

- B

owen

New

pro

ject

2015

yn.

a.B

lack

coa

l20

00

Cen

tral T

anam

iTa

nam

i Gol

dN

T40

0 km

W

of T

enna

nt

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ek

Red

evel

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ent

n.a.

y16

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ed

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icly

An

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eCo

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itted

Estim

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Ne

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ity

(per

ann

um)

Capa

city

Uni

tRe

sour

ceIn

dica

tive

Cost

Es

timat

e $m

Cha

rley

Cre

ekC

ross

land

Ura

nium

M

ines

NT

97 k

m W

NW

of

Alic

e S

prin

gs

New

pro

ject

2016

Y36

45t

Rar

e ea

rth

elem

ents

153

Cha

rter

s To

wer

sC

itigo

ldQ

ldC

hart

ers

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on20

17Y

300

000

ozG

old

246

Chi

na F

irst C

oal p

roje

ct

(Gal

ilee

Coa

l Pro

ject

)W

arat

ah C

oal

QLD

36 k

m N

E o

f Je

richo

New

Pro

ject

2017

y40

Mt

Ther

mal

coa

l80

00

Coa

lpac

con

solid

atio

n (C

ulle

n Va

lley

and

Invi

ncib

le m

ines

)

Coa

lpac

NS

W25

km

NW

of

Lith

gow

Exp

ansi

on20

16y

1.6

Mt

Ther

mal

coa

l20

0

Cob

bora

Cob

bora

Hol

ding

C

ompa

ny

NS

W5

km S

of

Cob

bora

New

Pro

ject

2015

y12

Mt

Ther

mal

coa

l12

62

Cob

urn

Gun

son

Res

ourc

esW

A25

0 km

N o

f G

eral

dton

New

pro

ject

2014

Y90

, 40

kt, k

tIlm

enite

, zi

rcon

192

Cod

rilla

Pea

body

Ene

rgy

QLD

62 k

m S

E o

f M

oran

bah

New

Pro

ject

2017

+y

3.2

Mt

PC

I50

0

Col

ton

New

Hop

eQ

LD11

km

N o

f M

aryb

orou

ghN

ew P

roje

ct20

15y

500

ktC

okin

g co

al84

Com

et R

idge

Aca

cia

Coa

l /

Ban

dann

a E

nerg

yQ

LD20

km

S o

f C

omet

New

Pro

ject

2015

y40

0kt

Ther

mal

and

co

king

coa

l50

Cop

per H

ill p

roje

ctG

olde

n C

ross

R

esou

rces

NS

W35

km

NW

of

Ora

nge

New

pro

ject

2015

y21

, 58

000

kt, o

zC

oppe

r, G

old

420

Cow

al

Bar

rick

Gol

dN

SW

40 k

m N

E o

f W

est W

yalo

ngE

xpan

sion

n.a.

y40

0 00

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Gol

d (li

fe o

f m

ine)

58

CS

BP

exp

ansi

onW

esfa

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sW

AK

win

ana

Exp

ansi

on20

14y

260

ktA

mm

oniu

m

nitra

te55

0

Cur

ragh

Min

eW

esfa

rmer

sQ

LD14

km

N o

f B

lack

wat

erE

xpan

sion

n.a.

y1.

5-2

Mt

Cok

ing

coal

200

Cyc

lone

Dia

trem

e R

esou

rces

WA

300

km S

E o

f W

arbu

rton

New

pro

ject

2016

y65

, 10,

47

kt, k

t, kt

Zirc

on, H

iti87

, H

iti68

223

Dar

gues

Ree

f (M

ajor

s C

reek

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nity

Min

ing

NS

W12

km

S o

f B

raid

woo

dN

ew p

roje

ct20

14y

50 0

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Gol

d80

Dar

win

iron

ore

ber

thD

arw

in P

orts

NT

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win

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ansi

onn.

a.y

5.5

Mt

Iron

Ore

250-

500

Dau

nia

BH

P B

illito

n M

itsub

ishi

A

llian

ce (B

MA

)Q

LD25

km

SE

of

Mor

anba

hN

ew P

roje

ct20

13y

4.5

Mt

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ing

coal

1553


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Proj

ect

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pany

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nTy

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timat

ed

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Estim

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city

Uni

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timat

e $m

Day

brea

kW

este

rn A

reas

WA

130

km S

of

Sou

ther

n C

ross

New

pro

ject

nay

4kt

Nic

kel

0-25

0

Dig

gers

Sou

thW

este

rn A

reas

WA

100

km S

of

Sou

ther

n C

ross

New

pro

ject

nay

5.5

ktN

icke

l10

0

Din

go W

est

Ban

dann

a E

nerg

yQ

LD6

km W

of

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goE

xpan

sion

2014

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PC

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th

erm

al c

oal

135

Din

ner H

illP

otas

h W

est

WA

130

km N

of

Per

thN

ew p

roje

ct20

18y

85kt

SO

P65

0

Dol

phin

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gste

n P

roje

ctK

ing

Isla

nd S

chee

lite

TAS

Kin

g Is

land

Red

evel

opm

ent

2015

y3.

5kt

Tung

sten

133

Don

ald

Min

eral

San

ds

Pro

ject

Ast

ron

Lim

ited

VIC

66 k

m N

E o

f H

orsh

amN

ew p

roje

ct20

15y

121,

340

kt, k

tZi

rcon

, TiO

228

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gara

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oxW

AE

neab

baN

ew p

roje

ct20

15y

200,

30,

30

kt, k

t, kt

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ite, r

utile

, zi

rcon

300

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les

Cre

ekN

ucoa

l Res

ourc

es /

M

MI

NS

W15

km

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f S

ingl

eton

New

Pro

ject

n.a.

y4.

8M

tTh

erm

al c

oal

727

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ke C

oal p

roje

ctQ

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lQ

LD17

km

S o

f C

ollin

svill

eN

ew P

roje

ct20

14y

6M

tTh

erm

al a

nd

coki

ng c

oal

350

Dra

yton

Sou

thA

nglo

Coa

l Aus

tralia

NS

W13

km

S o

f M

usw

ellb

rook

Exp

ansi

on20

15y

4M

tTh

erm

al c

oal

520

Dub

bo Z

ircon

ia p

roje

ctA

lkan

e R

esou

rces

NS

WTo

ongi

, 20

km

S o

f Dub

boN

ew p

roje

ct20

16y

16kt

Zirc

on10

64

Duc

hess

Par

adis

eR

ey R

esou

rces

WA

150

km S

E o

f D

erby

New

Pro

ject

2015

y2.

5M

tTh

erm

al c

oal

200

Dud

geon

Poi

ntN

QB

P /

Ada

niQ

ld40

km

N o

f M

acka

yN

ew p

roje

ctn.

a.y

180

Mt

Bla

ck c

oal

1200

0

Dug

ald

Riv

erM

MG

Qld

87

km N

E o

f M

t Isa

New

Pro

ject

2015

Y20

0-22

0,

27-3

0, 9

00

000

kt, k

t, oz

Zinc

, Cop

per,

Silv

er14

56

Dur

alie

Ext

ensi

on

proj

ect

Yanc

oal A

ustra

liaN

SW

20 k

m S

of

Stra

tford

Exp

ansi

onn.

a.y

1.2

Mt

Ther

mal

and

se

mi-s

oft

coki

ng c

oal

150


86

Proj

ect

Com

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Stat

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catio

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ed

Star

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icly

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noun

ced

Feas

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ty

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w C

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ity

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ann

um)

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city

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tRe

sour

ceIn

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tive

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timat

e $m

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le D

owns

(P

eak

Dow

ns E

ast

unde

rgro

und)

Aqu

ila R

esou

rces

/

Vale

QLD

25 k

m S

E o

f M

oran

bah

New

Pro

ject

2016

y4.

5M

tC

okin

g co

al12

54

Eag

lefie

ldP

eabo

dy E

nerg

yQ

LD36

km

N o

f M

oran

bah

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ansi

on20

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5.2

Mt

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ing

coal

700

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May

und

ergr

ound

Evo

lutio

nW

AW

esto

nia

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ansi

onn.

a.y

50 0

00oz

Gol

d0-

250

Elim

atta

New

Hop

e Q

LD36

km

W o

f W

ando

anN

ew P

roje

ct20

16y

5M

tTh

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al c

oal

600

Elle

nsfie

ld c

oal m

ine

proj

ect

Vale

QLD

175

km W

of

Mac

kay

New

Pro

ject

n.a.

y5.

5M

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erm

al a

nd

coki

ng c

oal

800

Era

du Ir

on P

roje

ct

Ferr

owes

tW

A14

km

E o

f Ya

lgoo

New

pro

ject

2016

y1

Mt

Pig

iron

605

Esp

eran

ce P

ort

Esp

eran

ce P

ort

Aut

horit

yW

AE

sper

ance

Exp

ansi

onn.

a.y

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n O

re0-

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Ext

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on H

ill m

agne

tite

proj

ect

Asi

a Iro

n H

oldi

ngs

WA

330

km S

E o

f G

eral

dton

New

pro

ject

2015

y10

Mt

Mag

netit

e29

00

Fitz

roy

Term

inal

Mitc

hell

Gro

upQ

ld50

km

S o

f R

ockh

ampt

onN

ew p

roje

ct20

16y

22M

tB

lack

coa

l12

00

Four

Mile

Qua

sar R

esou

rces

/

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ance

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ourc

esS

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0 km

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f A

dela

ide

new

min

e20

14y

2300

tU

3O8

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Foxl

eigh

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ins

Pro

ject

Ang

lo C

oal A

ustra

liaQ

LD12

km

SE

of

Mid

dlem

ount

Exp

ansi

on20

14y

1.4

Mt

PC

I coa

l18

0

Fusi

onC

entre

x /

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CO

SA

20 k

m N

of

Tum

by B

ayN

ew p

roje

ct20

15y

5M

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tite

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0

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co P

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onB

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iton

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cor M

anga

nese

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Exp

ansi

on20

13y

600

ktM

anga

nese

270

Gid

gee

Gol

d P

roje

ctP

anor

amic

WA

82 k

m N

NE

of

San

dsto

ne

New

pro

ject

2015

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000

ozG

old

127

Gla

dsto

ne S

teel

Pla

nt

Pro

ject

(sta

ge 1

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ould

er S

teel

Qld

Gla

dsto

neN

ew p

roje

ct20

16y

5M

tB

illet

2500

Goo

nyel

la S

yste

m

Exp

ansi

on P

roje

ct

Aur

izon

Qld

Bow

en B

asin

to

Mac

kay

Exp

ansi

on20

13y

11M

tB

lack

coa

l18

5

Gou

lbur

n B

auxi

te

Pro

ject

Aus

tralia

n B

auxi

te L

tdN

SW

40 k

m N

of

Gou

lbur

nN

ew P

roje

ct20

15y

n.a.

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timat

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hase

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eric

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km N

of

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hE

xpan

sion

2017

y6

Mt

Cok

ing

coal

500

- 100

0

Gro

sven

or

unde

rgro

und

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lo A

mer

ican

QLD

8 km

N o

f M

oran

bah

New

Pro

ject

2013

y5

Mt

Cok

ing

coal

1650

Gul

lew

a (D

eflec

tor

gold

- cop

per p

roje

ct)

Mut

iny

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0 km

E o

f G

eral

dton

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pro

ject

n.a.

y70

000

ozG

old

91

Har

dey

Aqu

ila R

esou

rces

WA

180

km S

W o

f P

anna

won

ica

New

pro

ject

2016

y10

Mt

Hem

atite

1500

-250

0

Haw

ks N

est M

agne

tite

Pro

ject

Arr

ium

SA

115

km S

of

Coo

ber P

edy

New

pro

ject

2016

y6

Mt

Mag

netit

e10

00

Haw

sons

Car

pent

aria

Exp

lora

tion

NS

W60

km

SW

of

Bro

ken

Hill

New

pro

ject

n.a.

y5

Mt

Mag

netit

e29

00

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Poi

nt C

oal

Term

inal

(pha

se 3

)B

HP

Bill

iton

Mits

ubis

hi

Alli

ance

(BM

A)

Qld

20 k

m S

of

Mac

kay

Exp

ansi

on20

14y

11M

tB

lack

coa

l27

10

Haz

elw

ood

mag

nesi

um

proj

ect

Latro

be M

agne

sium

VIC

150

km E

of

Mel

bour

neN

ew p

roje

ct20

15Y

5kt

Mag

nesi

um45

Haz

elw

ood

mag

nesi

um

proj

ect

Latro

be M

agne

sium

VIC

150

km E

of

Mel

bour

neE

xpan

sion

2017

Y35

ktm

agne

sium

260

HB

J (S

KO

exp

ansi

on

stag

e 1)

Ala

cer G

old

WA

30 k

m S

of

Kal

goor

lieE

xpan

sion

n.a.

y10

0 00

0oz

Gol

d25

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msk

irkS

tella

r Res

ourc

esTa

sZe

ehan

New

pro

ject

2015

y3.

9kt

tin0-

250

Her

aY

TC R

esou

rces

NS

W83

km

SE

of

Cob

arN

ew p

roje

ct20

14Y

50 0

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Hill

side

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Min

eral

sS

A81

km

NW

of

Ade

laid

eN

ew p

roje

ct20

15y

80, 6

0 00

0,

1.2

kt, o

z, M

tC

oppe

r, G

old,

M

agne

tite

800

Hon

eym

oon

Wel

lN

orlis

k N

icke

lW

AN

ear W

iluna

New

pro

ject

2017

y45

ktN

icke

l15

00

Hor

izon

1A

tlas

Iron

WA

Pilb

ara

New

pro

ject

2013

y4.

5M

tH

emat

ite25

2

Hor

izon

2A

tlas

Iron

WA

Pilb

ara

New

pro

ject

2017

y31

Mt

Hem

atite

1500

-250

0

Hun

ter V

alle

y C

orrid

or

Cap

acity

Stra

tegy

(C

ontra

cted

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Aus

tralia

n R

ail a

nd

Trac

k C

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ratio

nN

SW

Hun

ter V

alle

yE

xpan

sion

vario

usy

n.a.

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ck c

oal

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ter V

alle

y C

orrid

or

Cap

acity

Stra

tegy

(P

ropo

sed)

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tralia

n R

ail a

nd

Trac

k C

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ratio

nN

SW

Hun

ter V

alle

yE

xpan

sion

vario

usy

n.a.

Bla

ck c

oal

3525

Iron

Valle

y P

roje

ctIro

n O

re H

oldi

ngs

WA

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ara

New

pro

ject

n.a.

y15

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atite

250

- 500


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Proj

ect

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pany

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catio

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timat

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ty

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itted

Estim

ated

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ity

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um)

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city

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sour

ceIn

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tive

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timat

e $m

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e Is

land

Plu

ton

Res

ourc

esW

AIrv

ine

Isla

ndN

ew p

roje

ct20

14y

17M

tM

agne

tite/

hem

atite

700

Jack

Hill

s pr

ojec

t (st

age

2)C

ross

land

s R

esou

rces

WA

380

km N

E o

f G

eral

dton

Exp

ansi

on20

15y

23.4

Mt

Mag

netit

e37

00

Jax

QC

oal

QLD

15 k

m S

of

Col

linsv

ille

New

Pro

ject

n.a.

y1.

8M

tC

okin

g co

al28

0

Jelli

nbah

Eas

tJe

llinb

ah, M

arub

eni,

Soj

itz

QLD

90 k

m E

of

Em

eral

dE

xpan

sion

2015

y2

Mt

PC

I and

co

king

coa

l75

Jerv

ois

Ken

tor G

old

NT

272

km

EN

E o

f Alic

e S

prin

gs

New

pro

ject

2014

y14

5kt

C

oppe

r27

4

Jim

bleb

ar m

ine

and

rail

(WA

IO)

BH

P B

illito

nW

AP

ilbar

aN

ew p

roje

ct20

14y

35M

tH

emat

ite51

80

Jini

diB

HP

Bill

iton

WA

Pilb

ara

New

pro

ject

2015

y60

Mt

Hem

atite

5000

+

Jund

ee E

xten

sion

New

mon

t W

A44

km

NE

of

Wilu

naE

xten

sion

2014

Y20

0 00

0oz

Gol

d22

0

Kal

goor

lie N

icke

l pr

ojec

tH

eron

Res

ourc

esW

A85

km

N o

f K

algo

orlie

New

pro

ject

nay

36.7

ktN

icke

l15

00-2

500

Kal

karo

oH

avila

h R

esou

rces

SA

91 k

m W

NW

of

Bro

ken

Hill

New

pro

ject

2015

y44

, 90

000

kt, o

zC

oppe

r, G

old

500

Kar

ara

Pro

ject

ex

pans

ion

Gin

dalb

ie M

etal

s /

AnS

teel

WA

220

km E

of

Ger

aldt

onE

xpan

sion

2015

y8

Mt

Mag

netit

e17

00

Kem

pfiel

d A

rgen

t Min

eral

sN

SW

45

km S

W o

f B

athu

rst

New

pro

ject

2015

y2

Moz

Silv

er67

Kes

trel

Rio

Tin

to, M

itsui

QLD

51 k

m N

E o

f E

mer

ald

Exp

ansi

on20

13y

1.4

Mt

Har

d an

d se

mi h

ard

coki

ng c

oal

1942

Kev

in’s

Cor

ner

GV

KQ

LDG

alile

e B

asin

New

Pro

ject

2016

y30

Mt

Ther

mal

coa

l42

00

Key

sbro

okM

ZI R

esou

rces

WA

70 k

m S

Per

thN

ew p

roje

ct20

14y

62, 2

9kt

, kt

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oxen

e,

zirc

on0-

250

Kin

gsga

te

Mol

ybde

num

-Bis

mut

h pr

ojec

t

Aur

ex E

xplo

ratio

nN

SW

20 k

m E

of

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n In

nes

New

pro

ject

n.a.

y80

0, 1

00,

260

t, kt

, tN

H4M

oO4,

si

lica,

bis

mut

h0-

250

Kin

tyre

Cam

eco

/ M

itsub

ishi

WA

260

km N

E o

f N

ewm

anne

w m

ine

2017

+y

3600

tU

3O8

600


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Proj

ect

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timat

ed

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ty

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um)

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city

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ceIn

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tive

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timat

e $m

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daid

eri P

roje

ctR

io T

into

WA

Pilb

ara

New

pro

ject

2016

y70

Mt

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atite

7000

Koo

ngie

Zin

c C

oppe

r P

roje

ctA

nglo

Aus

tralia

nS

A20

km

SW

of

Hal

ls C

reek

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pro

ject

n.a.

y6,

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kt, k

tC

oppe

r, Zi

nc0

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raga

ng Is

land

am

mon

ium

nitr

ate

faci

lity

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aN

SW

New

cast

leE

xpan

sion

2015

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0kt

Am

mon

ium

ni

trate

500-

1000

Lady

Lor

etta

Xstra

taQ

ld14

0 km

No

of

Mt I

saE

xpan

sion

2016

Y42

, 13

kt, k

tZi

nc, L

ead

59

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tland

Meg

a U

rani

um /

JA

UR

D /

Itoc

huW

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0 km

SE

of

Wilu

nane

w m

ine

2017

+y

1000

tU

3O8

250

- 500

Lake

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mon

tJe

llinb

ah, M

arub

eni,

Soj

itz, A

MC

IQ

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km

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f D

ysar

tE

xpan

sion

2013

y4

Mt

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ing

coal

an

d P

CI c

oal

200

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ora

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d pr

ojec

tN

avig

ator

Res

ourc

esW

A30

km

NE

of

Leon

ora

New

pro

ject

n.a.

y53

000

ozG

old

35

Littl

e E

va -

Ros

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inin

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km

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of

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ncur

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ew p

roje

ct20

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7 00

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, oz

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per,

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reak

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allic

a M

iner

als

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etal

s Fi

nanc

e Q

ld14

0 km

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f To

wns

ville

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pro

ject

nay

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ktN

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l15

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dork

yH

avila

h R

esou

rces

SA

300

km E

od

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t Piri

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ew p

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a.y

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atite

0-25

0

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ando

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io T

into

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ara

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n.a.

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atite

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daS

outh

ern

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ss

Gol

dfiel

dsW

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2 km

N

of S

outh

ern

Cro

ss

New

pro

ject

2014

y35

000

ozG

old

25

Mar

illan

aB

rock

man

Res

ourc

esW

A10

0 km

NW

of

New

man

New

pro

ject

2016

y18

.5M

tH

emat

ite19

00

Mau

les

Cre

ekW

hite

have

nN

SW

18 k

m N

E

Bog

gabr

iN

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roje

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Mt

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mal

and

co

king

coa

l76

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r Riv

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hase

3)

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taN

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0 km

SE

of

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win

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ansi

on20

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207,

51

ktZi

nc, L

ead

360

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lin M

olyb

denu

m-

Rhe

nium

Pha

se 2

Ivan

hoe

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tralia

Q

LD10

6 km

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f C

lonc

urry

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pro

ject

2015

y51

00, 7

.2t,

tM

olyb

denu

m,

rhen

ium

345

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ropo

litan

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body

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rgy

NS

W30

km

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f W

ollo

ngon

gE

xpan

sion

2015

y1.

5M

tha

rd c

okin

g co

al70


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city

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e $m

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ount

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nerg

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3.6

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umP

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f M

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mal

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co

king

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l75

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l Aus

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f M

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n.a.

y3

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mal

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l12

0

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nshi

ne M

agne

tite

Mac

arth

ur M

iner

als

WA

150

km N

W

of K

algo

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New

pro

ject

n.a.

y10

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netit

e25

00-5

000

Moo

rilda

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hilla

mys

)R

egis

NS

W35

km

SE

of

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nge

New

pro

ject

2017

+y

140

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160

000

ozG

old

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0

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f C

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ont

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ject

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mal

coa

l25

0 - 5

00

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anba

h S

outh

pr

ojec

tA

nglo

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tralia

/

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aro

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4 km

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f M

oran

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ject

2018

+y

12M

tC

okin

g co

al15

00 -

2500

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nt C

arbi

neC

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ne T

ungs

ten

QLD

120

km N

W

of C

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roje

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0

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nt M

ason

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ter M

ines

WA

230

km N

W

of K

algo

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pro

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2014

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atite

73

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nt M

orga

n ta

iling

s pr

ojec

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n G

old

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pton

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pro

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n.a.

y25

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old

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nt P

eake

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ited

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km

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lice

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pro

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nt P

leas

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roje

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lA

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to M

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hoe

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per,

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in M

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a.y

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sion

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AP

ilbar

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sion

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xpor

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min

al

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le C

oal

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stru

ctur

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tage

3)

NC

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SW

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cast

leE

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sion

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y13

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and

(sta

ge 3

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ew H

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lQ

LD15

0 km

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f B

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xpan

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2016

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al c

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ton

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e C

oal,

MP

CQ

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km

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f M

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ject

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of

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ora

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ktN

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alt

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ans

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ject

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e an

d pr

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sing

faci

lity)

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of A

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ject

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eart

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00

Nor

th M

ine

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psP

erily

aN

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ken

Hill

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ansi

on20

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300

kt

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ughp

ut)

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c0

- 250

Nor

th P

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in

Pro

ject

(Boo

nana

ring,

A

tlas)

Imag

e R

esou

rces

WA

160

km N

C

oolja

rloo

New

Pro

ject

2014

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, 7, 1

6, 8

kt, k

t, kt

, kt

84

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th S

urat

- C

ollin

gwoo

d P

roje

ctC

ocka

too

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lQ

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km

NE

of

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doan

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ject

2015

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mal

coa

l65

2

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thpa

rkes

(ste

p ch

ange

exp

ansi

on)

Rio

Tin

toN

SW

25 k

m N

W o

f P

arke

sE

xpan

sion

2016

y90

kt

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per

500

- 100

0

Nor

woo

d C

oal M

ine

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roC

oal

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m S

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f W

ando

anN

ew P

roje

ct20

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mal

coa

l10

00 -

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o. 1

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liery

Guj

arat

NR

E C

okin

g C

oal

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W8

km N

of

Wol

long

ong

E

xpan

sion

2014

y3

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ing

coal

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o. 1

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liery

(p

relim

inar

y w

orks

pr

ojec

t)

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arat

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okin

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km N

of

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ong

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coal

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lue

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man

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reek

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f Mt

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pro

ject

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te17

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ker R

ange

iron

ore

pr

ojec

tC

azal

y R

esou

rces

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300

km W

of

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roje

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ara

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ject

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ders

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esW

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a.y

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nce

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ject

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urex

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of

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t Hed

land

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pro

ject

2014

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000

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t, oz

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per,

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ango

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f P

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ktLi

thiu

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olite

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ject

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na S

tone

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es A

usta

sia

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190

km N

W

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oran

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al c

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ged

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tic R

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psE

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liaN

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f D

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th

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trata

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lonc

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pro

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M)

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pr

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pro

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atite

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m W

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nant

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pro

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iner

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m W

of

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s A

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f K

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at S

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aven

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rpe

New

pro

ject

2017

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30 0

00, 3

60

000

ozG

old,

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er13

3

Sin

o Iro

n P

roje

ctC

ITIC

Pac

ific

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ing

WA

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e P

rest

onN

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roje

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13y

24M

tM

agne

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8400

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omon

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(sta

ge I)

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escu

e M

etal

s G

roup

WA

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ara

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pro

ject

2013

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atite

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ect

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pany

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nTy

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ed

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omon

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ge II

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cue

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als

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upW

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xpan

sion

n.a.

y50

Mt

Hem

atite

2500

-500

0

Sor

by H

ills

(Sta

ge 1

)K

imbe

rley

Met

als

WA

50 k

m N

of

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unur

raN

ew p

roje

ct20

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21, 7

15kt

, koz

Lead

, Silv

er70

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th G

alile

e C

oal

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ject

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hase

s)B

anda

nna

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rgy

QLD

180

km W

of

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eral

dN

ew P

roje

ct20

15y

17M

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erm

al c

oal

4150

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th o

f Em

bley

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roje

ctR

io T

into

Alc

anQ

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km

SW

of

Wei

paE

xpan

sion

2016

y22

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tB

auxi

te14

00

Sou

th W

est C

reek

D

evel

opm

ent

Nor

th W

est

Infra

stru

ctur

eW

AP

ort H

edla

ndE

xpan

sion

n.a.

y50

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Iron

Ore

2500

-500

0

Sou

thdo

wn

Mag

netit

e iro

n or

e pr

ojec

tG

rang

e R

esou

rces

/

Soj

itzW

A90

km

NE

of

Alb

any

New

pro

ject

n.a.

y10

Mt

Mag

netit

e25

00-5

000

Spi

nife

x R

idge

m

olyb

denu

m/c

oppe

r pr

ojec

t

Mol

y M

ines

WA

50 k

m N

E o

f M

arbl

e B

arN

ew p

roje

ctn.

a.y

4.7

ktM

olyb

denu

m25

0-50

0

Spr

ings

ure

Cre

ek

(sta

ge 1

)B

anda

nna

Ene

rgy

QLD

36 k

m S

E o

f E

mer

ald

New

Pro

ject

2015

y5.

5M

tTh

erm

al c

oal

743

Spr

ings

ure

Cre

ek

(sta

ge 2

)B

anda

nna

Ene

rgy

QLD

36 k

m S

E o

f E

mer

ald

Exp

ansi

on20

18+

y5.

5M

tTh

erm

al c

oal

437

Sto

ckm

an P

roje

ctIn

depe

nden

ceV

IC18

km

ES

E o

f B

enam

bra

New

pro

ject

2015

y19

, 25,

350

00

0kt

, kt,

ozC

oppe

r, Zi

nc,

Silv

er18

5

Stra

tford

Yanc

oal A

ustra

liaN

SW

95 k

m N

of

New

cast

leE

xten

sion

2014

y2.

6M

tTh

erm

al a

nd

coki

ng c

oal

75

Sty

xW

arat

ah C

oal,

Que

ensl

and

Nic

kel

QLD

N o

f R

ockh

ampt

onN

ew P

roje

ctn.

a.y

1.5

Mt

PC

I and

th

erm

al c

oal

0 - 2

50

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at B

asin

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l (S

outh

ern

Mis

sing

Lin

k)

Aur

izon

/ A

TEC

/

Xstra

ta C

oal

Qld

Wan

doan

to

Theo

dore

(2

10 k

m)

New

pro

ject

n.a.

y42

Mt

Bla

ck c

oal

1000

-150

0

Talw

ood

Cok

ing

Coa

l P

roje

ctA

quila

Res

ourc

esQ

LD40

km

N o

f M

oran

bah

New

Pro

ject

2016

y3.

6M

tP

CI a

nd

ther

mal

coa

l70

0

Tana

mi p

roje

ctN

ewm

ont

NT

600

km

NW

of A

lice

Spr

ings

Exp

ansi

on20

17Y

75 0

00oz

Gol

d45

0

Taro

bora

hS

henh

uo In

tern

atio

nal

QLD

22 k

m W

of

Em

eral

dN

ew P

roje

ct20

15+

y2.

3M

tC

okin

g co

al40

0


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ed

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Ne

w C

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ity

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ann

um)

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city

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tRe

sour

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dica

tive

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Es

timat

e $m

Taro

nga

Tin

Pro

ject

Aus

nico

NS

W4

km W

of

Em

mav

ille

New

pro

ject

2016

Y3.

7M

tTi

n or

e95

Taro

omC

ocka

too

Coa

lQ

LD3

km S

E o

f Ta

room

New

Pro

ject

n.a.

y8

Mt

Ther

mal

coa

l11

20

Tarr

awon

ga E

xpan

sion

Whi

teha

ven

NS

W15

km

NE

of

Bog

gabi

rE

xpan

sion

n.a.

y1

Mt

Ther

mal

and

P

CI c

oal

142

Tere

saLi

nc E

nerg

yQ

LD17

km

N o

f E

mer

ald

New

Pro

ject

2016

y8

Mt

PC

I coa

l75

0

Thad

una/

Gre

en

Dra

gon

Cop

per P

roje

ctVe

ntno

r Res

ourc

esW

A17

5 km

NE

of

Mee

kath

arra

New

Pro

ject

2014

y15

ktC

oppe

r0

- 250

The

Ran

ge P

roje

ctS

tanm

ore

Coa

lQ

LD24

km

SE

of

Wan

doan

New

Pro

ject

2016

y5

Mt

Ther

mal

coa

l50

5

Toga

ra N

orth

Xstra

taQ

LD40

km

S o

f C

omet

New

Pro

ject

2017

y6

Mt

Ther

mal

coa

l80

0

Tom

ingl

ey (W

yom

ing)

go

ld p

roje

ctA

lkan

e E

xplo

ratio

nN

SW

55 k

m S

W o

f D

ubbo

New

pro

ject

2014

Y50

000

ozG

old

116

Trop

ican

a Jo

int V

entu

re

Pro

ject

Ang

loG

old

Ash

anti/

In

depe

nden

ce G

roup

WA

230

km S

E o

f La

vert

onN

ew p

roje

ct20

13y

480

000

ozG

old

845

Tunk

illa

Mun

gana

Gol

d M

ines

SA

600

km N

of

Ade

laid

eN

ew p

roje

ctn.

a.y

64 0

00oz

Gol

d13

6

Ula

n W

est

Xstra

ta, M

itsub

ishi

NS

W42

km

NN

E o

f M

udge

eE

xpan

sion

2014

y6.

7M

tTh

erm

al c

oal

1068

Ula

rrin

g H

emat

iteM

acar

thur

Min

eral

sW

A11

5 km

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f M

enzi

esN

ew p

roje

ct20

14y

2000

ktH

emat

ite26

3

Uni

corn

Dar

t Min

ing

Vic

150

km S

W o

f C

anbe

rra

New

pro

ject

2016

Y10

Mt (

RO

M)

Mol

ybde

num

304

Uni

ted

Pro

ject

Xstra

ta, C

FME

UN

SW

17 k

m W

of

Sin

glet

onE

xpan

sion

2015

y4

Mt

Sem

i-sof

t co

king

coa

l 25

0 - 5

00

Urq

uhar

t Poi

ntO

reso

me

Aus

tralia

(M

etal

lica

Min

eral

s)Q

LD5

km S

W o

f W

eipa

New

pro

ject

2014

y20

0kt

Zirc

on/r

utile

250

Uta

h P

oint

Exp

ansi

onA

tlas

Iron

WA

Por

t Hed

land

Exp

ansi

on20

13y

2M

tIro

n O

re60

Valh

alla

Sum

mit

Res

ourc

es /

P

alad

in R

esou

rces

Qld

40 k

m N

of

Mt I

sane

w m

ine

2017

+y

4100

tU

3O8

250

- 500

Verm

ont E

ast/

Wilu

nga

Pea

body

Ene

rgy

QLD

75 k

m N

E o

f C

lerm

ont

New

Pro

ject

2015

y3

Mt

PC

I and

th

erm

al30

0


97

Proj

ect

Com

pany

Stat

eLo

catio

nTy

peEs

timat

ed

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t Up

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noun

ced

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ibili

ty

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eCo

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itted

Estim

ated

Ne

w C

apac

ity

(per

ann

um)

Capa

city

Uni

tRe

sour

ceIn

dica

tive

Cost

Es

timat

e $m

Vic

kery

Whi

teha

ven

NS

W22

km

N o

f G

unne

dah

New

Pro

ject

2014

y4.

5M

tTh

erm

al a

nd

coki

ng c

oal

206

Wag

erup

Uni

t 3

Refi

nery

Exp

ansi

onA

lcoa

WA

100

km S

of

Per

thE

xpan

sion

n.a.

y2.

1M

tA

lum

ina

1500

- 25

00

WA

IO o

ptim

isat

ion

(por

t ble

ndin

g an

d ra

il ya

rds)

BH

P B

illito

nW

AP

ort H

edla

ndE

xpan

sion

2014

yn.

a.Iro

n O

re25

00

Wal

lara

h un

derg

roun

d lo

ngw

all

Kor

ea R

esou

rces

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p /

Soj

itz C

orp

NS

WN

W o

f Wyo

ngN

ew P

roje

ctn.

a.y

5M

tTh

erm

al c

oal

700

Wan

doan

ope

ncut

(p

hase

1)

Xstra

ta, I

toch

u,

Sum

isho

Coa

lQ

LD60

km

N o

f M

iles

New

Pro

ject

2015

y22

Mt

Ther

mal

coa

l60

00

War

ds W

ell

BH

P B

illito

n M

itsub

ishi

A

llian

ce (B

MA

)Q

LD29

km

SW

of

Gle

nden

New

Pro

ject

2017

y5

Mt

Cok

ing

coal

795

Was

hpoo

l coa

l pro

ject

Aqu

ila R

esou

rces

QLD

60 k

m N

E o

f E

mer

ald

New

Pro

ject

n.a.

y2.

6M

tC

okin

g co

al36

8

Wat

erm

ark

She

nhua

Ene

rgy

NS

W35

km

SE

of

Gun

neda

hN

ew P

roje

ct20

15y

6.15

Mt

Ther

mal

coa

l97

8

Wat

ersh

ed T

ungs

ten

proj

ect

Vita

l Met

als

QLD

150

km N

W

of C

airn

sN

ew p

roje

ctn.

a.y

195

000

mtu

Tung

sten

69

Web

bs S

ilver

Pro

ject

Silv

er M

ines

NS

W13

km

NW

E

mm

avill

eN

ew p

roje

ct20

16y

5.2

Moz

Silv

er65

Wes

t Pilb

ara

Aqu

ila R

esou

rces

/

AM

CI

WA

Pilb

ara

New

pro

ject

n.a.

y30

Mt

Hem

atite

7400

Wes

t Wal

lsen

d C

ollie

ryXs

trata

- O

cean

ic C

oal

Aus

tralia

, Mar

uben

i C

oal,

JFE

Min

eral

s

NS

W19

km

W o

f N

ewca

stle

Exp

ansi

onn.

a.y

n.a.

Ther

mal

and

co

king

coa

l26

0

Wes

tmor

elan

dLa

ram

ide

Res

ourc

esQ

ld15

6 km

NW

of

Bur

keto

wn

new

min

e20

17+

y14

00t

U3O

825

0 - 5

00

Whi

te R

ange

Que

ensl

and

Min

ing

Cor

pora

tion

QLD

35 k

m S

of

Clo

ncur

ryN

ew p

roje

ct20

16y

15kt

C

oppe

r0

- 250

Why

lla P

ort E

xpan

sion

Arr

ium

SA

Why

alla

E

xpan

sion

2013

y7

Mt

Iron

Ore

200

Wig

gins

Isla

nd C

oal

Term

inal

(sta

ge 1

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iggi

ns Is

land

Coa

l E

xpor

t Ter

min

alQ

ldG

lads

tone

New

pro

ject

2014

y27

Mt

Bla

ck c

oal

2400


98

Proj

ect

Com

pany

Stat

eLo

catio

nTy

peEs

timat

ed

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t Up

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icly

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noun

ced

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ibili

ty

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eCo

mm

itted

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ated

Ne

w C

apac

ity

(per

ann

um)

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city

Uni

tRe

sour

ceIn

dica

tive

Cost

Es

timat

e $m

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gins

Isla

nd C

oal

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inal

(sta

ge 2

and

3)

Wig

gins

Isla

nd C

oal

Exp

ort T

erm

inal

Qld

Gla

dsto

neN

ew p

roje

ct20

17y

54M

tB

lack

coa

l15

00-2

500

Wig

gins

Isla

nd ra

il pr

ojec

tA

uriz

onQ

ldG

lads

tone

New

pro

ject

2015

y27

Mt

Bla

ck c

oal

900

Wilc

herr

y H

ill (s

tage

2)

Ironc

lad

Min

ing/

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ord

Res

ourc

esS

A10

0 km

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f P

ort A

ugus

taE

xpan

sion

n.a.

y2.

5M

tM

agne

tite

250-

500

Wilk

ie C

reek

Pea

body

Ene

rgy

QLD

40 k

m W

of

Dal

byE

xpan

sion

2016

y10

Mt

Ther

mal

coa

l50

0 - 1

000

Wilu

na U

rani

um P

roje

ctTo

ro E

nerg

yW

A30

km

S o

f W

iluna

new

min

e20

14y

820

tU

3O8

280

Wilu

na W

est (

stag

e 1-

3)G

olde

n W

est

Res

ourc

esW

A40

km

W o

f W

iluna

New

pro

ject

2016

y7

Mt

Hem

atite

1500

-250

0

WIM

150

Min

eral

S

ands

Pro

ject

Aus

tralia

n Zi

rcon

/

Aus

tpac

Res

ourc

es N

LV

IC20

km

SE

of

Hor

sham

New

pro

ject

n.a.

y80

, 85

kt, k

tIlm

enite

, zi

rcon

250

Win

ches

ter S

outh

Rio

Tin

toQ

LD40

km

S o

f M

oran

bah

New

Pro

ject

2016

y4

Mt

Ther

mal

and

co

king

coa

l50

0 - 1

000

Win

darr

a P

roje

ct

(Pha

se 1

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osei

don

Nic

kel

WA

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r Lav

erto

nE

xpan

sion

2014

y96

00, 1

5 00

0, 3

5 00

0t,

oz, o

zN

icke

l, G

old,

S

ilver

250

Win

gelli

na

Met

als

XW

A90

0 km

of N

E

of K

algo

orlie

New

pro

ject

nay

40kt

Nic

kel-C

obal

t25

00

Won

arah

Pho

spha

te

Roc

k P

roje

ctM

inem

aker

sN

T24

0 km

E

of T

enna

nt

Cre

ek

New

pro

ject

2016

y1

Mt

Pho

spha

te37

5

Won

gai P

roje

ctA

ust-P

ac C

apita

lQ

LD15

0 km

NW

of

Coo

ktow

nN

ew P

roje

ctn.

a.y

1.5

Mt

Cok

ing

coal

500

Won

gaw

illi C

ollie

ryG

ujar

at N

RE

Cok

ing

Coa

lN

SW

12 k

m W

of

Por

t Kem

bla

Exp

ansi

on20

16y

3M

tC

okin

g co

al82

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dlaw

n R

etre

atm

ent

Pro

ject

TriA

usM

inN

SW

35 k

m S

SW

of

Gou

lbur

nR

edev

elop

men

t20

14y

3, 5

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kt ,

kt, k

tC

oppe

r, Le

ad,

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93

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riC

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too

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lQ

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km

S o

f W

ando

anN

ew P

roje

ct20

16y

n.a.

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mal

coa

l52

0

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arna

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d P

roje

ct

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tral B

ore)

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d R

oad

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140

km N

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f La

vert

onN

ew p

roje

ct20

14Y

35 0

00oz

Gol

d40

Yand

icoo

gina

Rio

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toW

AP

ilbar

aE

xpan

sion

2014

y4

Mt

Hem

atite

1700


99

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ect

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pany

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catio

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timat

ed

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ty

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w C

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ann

um)

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city

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tRe

sour

ceIn

dica

tive

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Es

timat

e $m

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un C

oal T

erm

inal

(S

tage

1)

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ro C

oal /

3TL

Qld

Gla

dsto

neN

ew p

roje

ct20

18+

y25

Mt

Bla

ck c

oal

1500

- 25

00

Yeel

irrie

Cam

eco

WA

500

km N

of

Kal

goor

liene

w m

ine

2017

y35

00t

U3O

865

0

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e P

roje

ctFe

rrow

est

WA

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m E

of

Yalg

ooN

ew p

roje

ct20

16y

4.5

Mt

Mag

netit

e10

60

Yogi

Min

e P

roje

ct

railw

ayFe

rrow

est

WA

Mid

wes

tN

ew p

roje

ctn.

a.y

3M

tIro

n O

re0-

250

Sou

rce:

Bur

eau

of R

esou

rces

and

Ene

rgy

Econ

omic

s; t

= to

nnes

; kt =

kilo

tonn

es; M

t = m

illio

n to

nnes

; oz

= ou

nces

; Moz

= m

illio

n ou

nces

; mtu

= m

etric

tonn

e un

it; R

OM

= ru

n of

min

e; P

CI =

pul

veris

ed c

oal i

njec

tion;

H

iTi6

8 =

a bl

end

of ru

tile

and

leuc

oxen

e w

ith a

tita

nium

dio

xide

con

tent

of 6

8%;;

HiT

i87

= a

blen

d of

rutil

e an

d le

ucox

ene

with

a ti

tani

um d

ioxi

de c

onte

nt o

f 87%

; SO

P =

sul

phat

e of

pot

ash;

U3O

8 =

uran

ium

oxi

de;

NH

4MoO

4 =

amm

oniu

m m

olyb

date

; V2O

5 =

vana

dium

pen

toxi

de; T

iO2

= tit

aniu

m d

ioxi

de; n

.a. =

not

app

licab

le.


100

australia’s mineral resource assessment 2013 · this second edition of australia’s mineral...

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