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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
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).
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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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Figure 1.1 Periodic table of elements showing the status of production, development and exploration in Australia.
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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).
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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2005 20122006 2007 2008 2009 2010 2011
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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.
Source: Australian Bureau of Statistics.
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).
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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.
Source: Australian Bureau of Statistics.
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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.
Source: Australian Bureau of Statistics.
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.
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2005 20122006 2007 2008 2009 2010 2011
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Figure 2.5 Exploration expenditure in Australian states and the Northern Territory for calendar years 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 2.6 Exploration expenditure in Australian states and the Northern Territory per financial year (1 July to 30 June), 2005–06 to 2012–13.
Source: Australian Bureau of Statistics.
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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.
Source: Australian Bureau of Statistics.
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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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2005 06 2006 07 2007 08 2008 09 2009 10 2010 11 2011 12 2012 13
Figure 2.8 Exploration expenditure by commodity per financial year (1 July to 30 June), 2005–06 to 2012–13.
Source: Australian Bureau of Statistics.
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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.
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Table 2.6 A selection of Australian coal exploration results in 2012.
Project State Company Significant Results
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.
Source: Geoscience Australia.
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Table 2.7 A selection of Australian copper exploration results in 2012.
Project State Company Significant Results
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.
Source: Geoscience Australia.
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Table 2.8 A selection of Australian gold exploration results in 2012.
Project State Company Significant Results
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.
Source: Geoscience Australia.
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Table 2.9 A selection of Australian iron ore exploration results in 2012.
Project State Company Significant Results
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.
Source: Geoscience Australia.
Table 2.10 A selection of Australian nickel exploration results in 2012.
Project State Company Significant Results
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.
Source: Geoscience Australia.
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Table 2.11 A selection of Australian rare earth elements exploration results in 2012.
Project State Company Significant Results
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.
22 m @ 1633 ppm TREO, 0.22 kg/t ThO2 and 0.03 kg/t U3O8.
34 m @ 2135 ppm TREO, 0.18 kg/t ThO2 and 0.03 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.
Source: Geoscience Australia.
Table 2.12 A selection of Australian uranium exploration results in 2012.
Project State Company Significant Results
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.
Source: Geoscience Australia.
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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
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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
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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.
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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.
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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.
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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.
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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.
Source: Geoscience Australia.
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.
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Queensland61%
Northern Territory 4%
Western Australia35%
Northern Territory 2%
Queensland42%
Western Australia56%
137383-1
New South Wales <1%
Economic Demonstrated Resources Total Resources
BauxiteNew South Wales <1%
Tasmania <1%
Western Australia56%
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.
Source: Geoscience Australia.
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.
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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.
Source: Geoscience Australia.
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
Source: Geoscience Australia.
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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
Source: Geoscience Australia.
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.
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NT
SA
NSW
TAS
QLD
VIC
PERTHBASIN
COLLIEBASIN
EUCLABASIN
ARCKARINGA BASIN
LEIGHCREEK
CANNINGBASIN
LAURA BASIN
GALILEE BASIN
BOWEN BASINSTYX BASIN
CALLIDE BASIN
POLDA BASIN
SAINT VINCENT BASINMURRAY
BASIN
OTWAYBASIN
LONGFORD BASIN
TASMANIA BASIN
GIPPSLANDBASIN
OAKLANDSBASIN
SYDNEY BASIN
GLOUCESTER BASIN
SURAT BASINIPSWICH BASIN
MULGIDIE BASINMARYBOROUGH
BASINTARONG BASIN
CLARENCE–MORETON BASIN
GUNNEDAH BASINPERTH
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.
Source: Geoscience Australia.
Resources and ReservesTable 3.8 Australia’s resources of black coal 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
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.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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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.
Source: Geoscience Australia.
Table 3.9 Australia’s resources of brown coal 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
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.
Western Australia 1%
Victoria 99% Victoria 97%
Western Australia 1% Tasmania <1%South Australia 2%
13-7383-9
Brown coal
Economic Demonstrated Resources Total Resources
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.
Source: Geoscience Australia.
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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.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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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.
Source: Geoscience Australia.
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.
Source: Geoscience Australia.
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
Source: Geoscience Australia.
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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.
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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.
Source: Geoscience Australia.
Resources and ReservesTable 3.13 Australia’s resources of copper 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 25.2 (28%) 91.1 1.4 0.4 43.9 91.1 0.91 690 16.6
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.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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Northern Territory 1%
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
Economic Demonstrated Resources Total Resources
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.
Source: Geoscience Australia.
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.
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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.
Source: Geoscience Australia.
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
Source: Geoscience Australia.
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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.
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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.
Source: Geoscience Australia.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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Resources and ReservesTable 3.17 Australia’s resources of gold 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
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.
Northern Territory 5%
Victoria 1%Tasmania 1% Tasmania 1%
Northern Territory 4%
Victoria 2% 13-7383-2
Gold
Economic Demonstrated Resources Total Resources
New South Wales18%
Western Australia43%
South Australia28%
New South Wales16%
South Australia25%
Western Australia43%
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.
Source: Geoscience Australia.
World RankingTable 3.18 World economic resources for gold.
Rank Country Gold (t)Percentage of
world total
1 Australia 9900 18%
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%
5 South Africa 170 6%
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.
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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.
Source: Geoscience Australia.
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.
Source: Geoscience Australia.
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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.
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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.
Source: Geoscience Australia.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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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)
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
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%
Western Australia91%
Western Australia86%
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
Economic Demonstrated Resources Total Resources
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.
Source: Geoscience Australia.
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.
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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%
7 South Africa 61 3%
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.
Source: Geoscience Australia.
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
Source: Geoscience Australia.
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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.
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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.
Source: Geoscience Australia.
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Resources and ReservesTable 3.25 Australia’s resources of nickel with 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 7.5 (42%) 17.7 4.2 0.2 17.8 17.7 0.244 72.6 2.14
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.
Western Australia96%
Western Australia90%
Queensland 4%Tasmania <1%
13-7383-4
Queensland 3%Northern Territory <1%
New South Wales 5%South Australia 1%Tasmania 1%
Nickel
Economic Demonstrated Resources Total Resources
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.
Source: Geoscience Australia.
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%
7 South Africa 3700 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.
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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.
Source: Geoscience Australia.
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
Source: Geoscience Australia.
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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.
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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.
Source: Geoscience Australia.
Resources and ReservesTable 3.29 Australia’s resources of rare earth oxides with 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 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.
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Western Australia58%
South Australia83%
Western Australia 5%
New South Wales 2%Northern Territory 3%
Queensland 1%
13-7383-6
Northern Territory24%
New South Wales18%
Victoria6%
Economic Demonstrated Resources Total Resources
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.
Source: Geoscience Australia.
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%
2 United States of America
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%
2 United States of America
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.
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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.
Source: Geoscience Australia.
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.
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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.
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HOBART
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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.
Source: Geoscience Australia.
Resources and ReservesTable 3.32 Australia’s resources of uranium with 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
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.
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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%
Western Australia 6%
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.
Source: Geoscience Australia.
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%
6 United States of America
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%
3 Australia 7009 12%
4 Niger 4667 8%
5 Namibia 4495 8%
6 Russia 2872 5%
7 Uzbekistan 2400 4%
8 United States of America
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.
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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.
Source: Geoscience Australia.
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
Source: Geoscience Australia.
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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
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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.
Source: Geoscience Australia.
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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
30
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.
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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 ($m)
Aluminium, Bauxite, Alumina 3 3780
Coal 57 56 695
Copper 9 3088
Gold 12 1621
Iron ore 21 46 542
Lead, Zinc, Silver 2 417
Nickel 7 5490
Uranium 5 2100
Other Commodities 27 8882
Total 143 128 615
Source: Bureau of Resources and Energy Economics.
Table 4.3 Mineral projects committed to in Australia 2012.
No. of Projects
Value ($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
Source: Bureau of Resources and Energy Economics.
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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
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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.
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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.
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ers
gold
Woo
dlaw
n R
etre
atm
ent
copp
er
Rop
er B
ar ir
on o
re
Dar
gues
Ree
f (M
ajor
s C
reek
) gol
d
Tom
ingl
ey(W
yom
ing)
gold
Her
a go
ld
Trop
ican
a Jo
int
Ven
ture
Pro
ject
gol
d
McA
rthur
Riv
er (p
hase
3)
lead
, zin
c &
silv
er
Figure 4.1 Major mineral projects in Australia 2012.
Source: Bureau of Resources and Energy Economics.
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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.
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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
Export volumes Mt 215 224 233 236 250 261 274 300 280 316
– 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.
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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.
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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.
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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
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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
Export volumes Mt 188 210 239 247 267 309 363 402 438 494
Sources: Bureau of Resources and Energy Economics; Australian Bureau of Statistics ; Mt =million tonnes.
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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.
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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.
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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.
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ecre
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Decreasing degree of geological assurance
ECO
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DEMONSTRATED INFERRED
SUBM
ARG
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PAR
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ALIDENTIFIED RESOURCES
SUBE
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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.
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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.
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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
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ECO
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SUBE
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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.
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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
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
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.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
81
Appendix 2
Mineral projects in Australia 2012
Proj
ect
Com
pany
Stat
eLo
catio
nTy
peEs
timat
ed
Star
t Up
Publ
icly
An
noun
ced
Feas
ibili
ty
Stag
eCo
mm
itted
Estim
ated
Ne
w C
apac
ity
(per
ann
um)
Capa
city
Uni
tRe
sour
ceIn
dica
tive
Cost
Es
timat
e $m
Abb
ot P
oint
Coa
l T2
BH
P B
illito
nQ
ldB
owen
Exp
ansi
on20
18+
y60
Mt
Bla
ck c
oal
1500
-250
0
Abb
ot P
oint
Coa
l T3
(par
t of A
lpha
Coa
l P
roje
ct)
GV
KQ
ldB
owen
Exp
ansi
on20
17y
60M
tB
lack
coa
ln.
a.
Abb
ot P
oint
T0
(Pha
se
1 an
d 2)
Ada
niQ
ldB
owen
Exp
ansi
on20
16y
70M
tB
lack
coa
l14
00
Alp
ha C
oal P
roje
ct
GV
K -
Han
cock
Coa
lQ
LD12
0 km
SW
of
Cle
rmon
tN
ew P
roje
ct20
17y
30M
tTh
erm
al c
oal
1000
0
And
uram
ba
Mol
ybde
num
Arc
her R
sour
ces
Qld
150
km W
of
Bris
bane
New
pro
ject
n.a.
y95
0t
Mol
ybde
num
0-25
0
And
y W
ell
Dor
ay M
iner
als
WA
45 k
m N
NE
of
Mee
kath
arra
N
ew p
roje
ct20
13y
74 0
00oz
Gol
d55
Ank
etel
l Poi
nt p
ort
Fort
escu
e M
etal
s G
roup
/ M
CC
/ A
quila
WA
Pilb
ara
New
pro
ject
n.a.
y35
0M
tIro
n O
re25
00-5
000
Aph
rodi
teA
phro
dite
WA
65 k
m N
of
Kal
goor
lieN
ew p
roje
ct20
15y
84 0
00oz
G
old
244
App
in A
rea
9B
HP
Bill
iton
NS
WW
ollo
ngon
gE
xpan
sion
2016
y3.
5M
tC
okin
g co
al82
0
Ash
ton
Sou
th E
ast
open
cut
Yanc
oal A
ustra
liaN
SW
14 k
m N
W o
f S
ingl
eton
Exp
ansi
onn.
a.y
3.6
Mt
Ther
mal
coa
l83
Aur
ora
Bau
xite
Min
eB
auxi
te R
esou
rces
/Ya
nkua
ng C
orpo
ratio
nW
AB
indo
onN
ew P
roje
ctn.
a.y
2M
tB
auxi
te0
- 250
Aus
tar u
nder
grou
nd
(sta
ge 3
)Ya
ncoa
l Aus
tralia
NS
W12
km
SW
of
Ces
snoc
kE
xpan
sion
2013
y3.
6M
tC
okin
g co
al
(RO
M)
250
BA
JV A
lum
ina
Refi
nery
Bau
xite
Res
ourc
es/
Yank
uang
Cor
pora
tion
WA
n.a.
New
Pro
ject
n.a.
y1.
1M
tA
lum
ina
1000
- 15
00
Bal
la B
alla
pro
ject
(p
hase
I)Fo
rge
Res
ourc
esW
A90
km
E o
f K
arra
tha
New
pro
ject
n.a.
y6
Mt
Mag
netit
e10
00
Bal
la B
alla
pro
ject
(p
hase
II)
Forg
e R
esou
rces
/
Todd
Cap
ital
WA
90 k
m E
of
Kar
rath
aN
ew p
roje
ctn.
a.y
4M
tM
agne
tite
500-
1000
Bal
la B
alla
slu
rry
pipe
an
d po
rt in
frst
ruct
ure
Forg
e R
esou
rces
WA
Por
t Hed
land
New
pro
ject
n.a.
y6
Mt
Iron
Ore
310
Bal
mor
al S
outh
m
agne
tite
proj
ect
(sta
ge 1
)
Aus
trala
sian
Res
ourc
esW
A10
0 km
NE
of
Ons
low
New
pro
ject
2017
y12
Mt
Mag
netit
e33
00
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
82
Proj
ect
Com
pany
Stat
eLo
catio
nTy
peEs
timat
ed
Star
t Up
Publ
icly
An
noun
ced
Feas
ibili
ty
Stag
eCo
mm
itted
Estim
ated
Ne
w C
apac
ity
(per
ann
um)
Capa
city
Uni
tRe
sour
ceIn
dica
tive
Cost
Es
timat
e $m
Bal
mor
al S
outh
m
agne
tite
proj
ect
(sta
ge 2
)
Aus
trala
sian
Res
ourc
esW
A10
0 km
NE
of
Ons
low
Exp
ansi
onn.
a.y
12M
tM
agne
tite
2500
-500
0
Bal
rana
ld P
roje
ctIlu
ka R
esou
rces
NS
W10
0 km
SE
of
Mild
ura
New
pro
ject
2015
yn.
a.M
iner
al s
ands
0-25
0
Bar
alab
a ex
pans
ion
Coc
kato
o C
oal
QLD
150
km W
of
Gla
dsto
neE
xpan
sion
2014
y3.
5M
tP
CI a
nd
ther
mal
coa
l41
3
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alab
a S
outh
C
ocka
too
Coa
lQ
LD10
km
S o
f B
aral
aba
Exp
ansi
on20
14y
3M
tP
CI a
nd
ther
mal
coa
l30
0
Bar
nes
Hill
P
roto
Res
ourc
es a
nd
Inve
stm
ents
/ M
etal
s Fi
nanc
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Tas
4 km
W o
f B
eaco
nsfie
ldN
ew p
roje
ctna
y4.
8kt
Nic
kel-C
obal
t78
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ram
bie
vana
dium
pr
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tR
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ourc
esW
A64
km
NW
of
San
dsto
neN
ew p
roje
ct20
14y
6.3
ktFe
rro-
Vana
dium
250-
500
Bau
xite
Hill
sC
ape
Alu
min
aQ
LD95
km
N o
f W
eipa
New
Pro
ject
2015
y5
Mt
Bau
xite
0 - 2
50
Bel
vede
re u
nder
grou
ndVa
leQ
LD7
km N
E o
f M
oura
New
Pro
ject
2016
y7
Mt
Cok
ing
coal
2814
Bel
view
Sta
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
/ W
esfa
rmer
sN
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4 km
SW
of
Mus
wel
lbro
okE
xpan
sion
n.a.
y1.
4M
tTh
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al c
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180
Big
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Tun
gste
n P
roje
ctH
azel
woo
d R
esou
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WA
220
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ewm
anN
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ct20
14y
1.6
ktTu
ngst
en11
2
Big
rlyi
Ene
rgy
Met
als
/ P
alad
in
/ S
outh
ern
Cro
ss
Exp
lora
tion
NT
320
km
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of A
lice
Spr
ings
new
min
e20
17+
y60
0t
U3O
827
0
Bog
gabr
i ope
ncut
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itsu
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anN
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17 k
m N
E o
f B
ogga
bri
Exp
ansi
on20
14y
3.5
Mt
Ther
mal
coa
l50
0
Bow
den’
s P
roje
ctK
ings
gate
NS
W27
km
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f M
udge
eN
ew P
roje
ct20
16Y
3-4
Mt
(thro
ughp
ut)
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er o
re35
0
Bro
adm
eado
w (m
ine
life
exte
nsio
n)B
HP
Bill
iton
Mits
ubis
hi
Alli
ance
(BM
A)
QLD
30 k
m N
of
Mor
anba
hE
xpan
sion
2013
y0.
4M
tC
okin
g co
al87
4
Buc
klan
d P
roje
ctIro
n O
re H
oldi
ngs
WA
Pilb
ara
New
pro
ject
2015
y80
00kt
Hem
atite
500-
1000
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
83
Proj
ect
Com
pany
Stat
eLo
catio
nTy
peEs
timat
ed
Star
t Up
Publ
icly
An
noun
ced
Feas
ibili
ty
Stag
eCo
mm
itted
Estim
ated
Ne
w C
apac
ity
(per
ann
um)
Capa
city
Uni
tRe
sour
ceIn
dica
tive
Cost
Es
timat
e $m
Bul
labu
lling
Bul
labu
lling
Gol
dW
A65
km
SW
of
Kal
goor
lieR
edev
elop
men
t20
16Y
186
000
ozG
old
346
Bun
di C
oal P
roje
ctM
etro
Coa
lQ
LD20
km
W o
f W
ando
anN
ew P
roje
ct20
17y
5M
tTh
erm
al c
oal
994
Bur
rup
amm
oniu
m
nitra
te p
lant
Oric
a /
Yarr
a /
Apa
che
WA
Bur
rup
Pen
insu
laN
ew p
roje
ct20
15y
330
ktA
mm
oniu
m
nitra
te77
5
But
cher
bird
Mon
tezu
ma
Min
ing
Com
pany
W
A12
0 km
S o
f N
ewm
anN
ew p
roje
ctn.
a.y
750
ktM
anga
nese
0-25
0
Bye
rwen
Coa
l Pro
ject
QC
oal /
JFE
Ste
el
Cor
pora
tion
QLD
20 k
m W
of
Gle
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
rt p
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
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anco
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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
LD16
0 km
NW
of
Cle
rmon
tN
ew P
roje
ct20
16y
60M
tTh
erm
al c
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7100
Car
rapa
teen
aO
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iner
als
Lim
ited
SA
250
km S
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f P
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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
Per
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
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E o
f M
oran
bah
New
Pro
ject
2014
y8
Mt
Cok
ing
coal
1870
Cen
tral E
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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
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ison
Met
alsX
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7 km
W o
f C
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edev
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men
t20
16y
95 0
00oz
Gol
d11
7
Cen
tral Q
ueen
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tegr
ated
Rai
l Pro
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izon
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Sou
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alile
e B
asin
- B
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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
Cre
ek
Red
evel
opm
ent
n.a.
y16
0 00
0oz
Gol
d75
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
84
Proj
ect
Com
pany
Stat
eLo
catio
nTy
peEs
timat
ed
Star
t Up
Publ
icly
An
noun
ced
Feas
ibili
ty
Stag
eCo
mm
itted
Estim
ated
Ne
w C
apac
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
Tow
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Exp
ansi
on20
17Y
300
000
ozG
old
246
Chi
na F
irst C
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roje
ct
(Gal
ilee
Coa
l Pro
ject
)W
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ah C
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36 k
m N
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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
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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
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g co
al84
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et R
idge
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cia
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l /
Ban
dann
a E
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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
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ngE
xpan
sion
n.a.
y40
0 00
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Gol
d (li
fe o
f m
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58
CS
BP
exp
ansi
onW
esfa
rmer
sW
AK
win
ana
Exp
ansi
on20
14y
260
ktA
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Proj
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Com
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AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
92
Proj
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Com
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Proj
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Com
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sion
2013
y7
Mt
Iron
Ore
200
Wig
gins
Isla
nd C
oal
Term
inal
(sta
ge 1
)W
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
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
98
Proj
ect
Com
pany
Stat
eLo
catio
nTy
peEs
timat
ed
Star
t Up
Publ
icly
An
noun
ced
Feas
ibili
ty
Stag
eCo
mm
itted
Estim
ated
Ne
w C
apac
ity
(per
ann
um)
Capa
city
Uni
tRe
sour
ceIn
dica
tive
Cost
Es
timat
e $m
Wig
gins
Isla
nd C
oal
Term
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/
Traff
ord
Res
ourc
esS
A10
0 km
W o
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
)P
osei
don
Nic
kel
WA
Nea
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
Woo
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
, 22
kt ,
kt, k
tC
oppe
r, Le
ad,
Zinc
93
Woo
riC
ocka
too
Coa
lQ
LD19
km
S o
f W
ando
anN
ew P
roje
ct20
16y
n.a.
Ther
mal
coa
l52
0
Yam
arna
Gol
d P
roje
ct
(Cen
tral B
ore)
Gol
d R
oad
WA
140
km N
E o
f La
vert
onN
ew p
roje
ct20
14Y
35 0
00oz
Gol
d40
Yand
icoo
gina
Rio
Tin
toW
AP
ilbar
aE
xpan
sion
2014
y4
Mt
Hem
atite
1700
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
99
Proj
ect
Com
pany
Stat
eLo
catio
nTy
peEs
timat
ed
Star
t Up
Publ
icly
An
noun
ced
Feas
ibili
ty
Stag
eCo
mm
itted
Estim
ated
Ne
w C
apac
ity
(per
ann
um)
Capa
city
Uni
tRe
sour
ceIn
dica
tive
Cost
Es
timat
e $m
Yarw
un C
oal T
erm
inal
(S
tage
1)
Met
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
Yogi
Min
e P
roje
ctFe
rrow
est
WA
14 k
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.
AUSTRALIA’S MINERAL RESOURCE ASSESSMENT 2013
100