An estimated 20% of Australia’s minerals have been exported to overseas mines since 2007, according to research by the research group Geoscience Australia.
Industry TV seriesRockline Industries today (ABC TV) will feature three mining companies that are building new mines, and three new mineral exploration and development projects.
Rockline CEO David Leggett says the companies are looking to expand their mining operations in Australia’s south-west, and he says the industry is “overstretched”.
“The mineral boom that we’ve seen is a good one for the mining industry in Australia,” Mr Legget said.
“We’re looking to build more of our mines and it’s going to be more expensive, but we’re also looking to make a bit more of that investment.”
Rockline says the new mining projects include a copper and zinc mine in the Waverley region of Queensland, and a uranium and gold mine in Western Australia’s Northern Territory.
Mr Leggeth said it’s a “really good sign” for the industry, but that more work needs to be done in Australia to boost investment.
A new mine at the Westerville in South Australia will be the first in the nation to mine uranium, with a goal of producing 50 million tonnes of the material in a five-year time frame.
The company is also building a gold mine at Hinkley Point in New South Wales, and is expanding its uranium exploration operations to the remote and remote-rich West Australian town of Mount Isa.
Westerville mine is being built by Glencore, a mining and energy conglomerate.
It is also one of the first projects to build a copper mine in Australia.
Rockline CEO Dr David Leppert says the company is not the only one building new mineral discoveries, but it is the first Australian mining company to do so.
Dr Leggert said the new mine would allow the company to “continue to expand our business” and that it would be a “great asset” for Australia.
“We believe that we have the resources to make more of the investment that we want to make,” he said.
“The new gold mine and the copper mine will be built in the next five years and then we’ll see what happens in terms of the copper and uranium exploration and it will be a great asset for us to continue to make those investments.”
Rocklines parent company Glencore owns about 50% of the world’s gold.
However, Glencore has been hit by a series of regulatory and political scandals, including the revelation that it had been paying former executives to promote its mining projects, as well as for misleading investors about the risks of mining in the lead up to the global financial crisis.
In December last year, the Australian Securities and Investments Commission (ASIC) fined the company $11 million and ordered it to stop selling shares in its stock in 2017.
Following the scandal, the company was fined $6.9 million and forced to pay $9.9m in fines and costs.
Rockline is the third mining company in the South West to open a new mine.
Geoscience said the Westersville project, which is about 80km west of Waverleys Point, is the company’s first new mineral mine in South East Queensland.
Gold is now being mined at Mount Isa and in the Hunter Valley.