bring back the mrrt tax, page-2

Source: The Spinney Press

"Fast facts:

Australia is a leading producer of minerals for the world and produces some 22 minerals in significant amounts from more than 300 operating mines.
Australia is in the top mineral producers and has a large inventory of resources of most of the world’s key minerals commodities.
Australia has the largest identified resources of lead, nickel, rutile, silver, uranium, zinc and zircon.
Mining in Australia dates back to around 1800 when coal was mined near Newcastle.
Gold mining played a major role in Australia’s development following the initial gold rushes in the 1850s-1860s, and in the 1890s.
By the 1850s, Australia was producing almost 40% of the world’s gold.
In the early years of the 20th century, mining activity in Australia began to decline despite a continued rise in the value of mineral production.
Australia is the largest producer of gem and industrial diamonds.
Less than 0.02% of Australia is affected by mining.
The minerals industry is Australia’s largest export earner with mineral exports accounting for nearly 50% of the annual value of total exports of goods and services.
The value of Australian mineral exports (excluding petroleum, natural gas and petroleum refinery products) increased from $45.9 billion in 2002-03 to a record level of $139.4 billion in 2008-09.
In 2009-10, mining had the highest capital expenditure ($45.6 billion), highest wages and salaries per employee ($117,500), highest sales and service income per person employed ($1.06 million) and profit margin (33.4%).
Australian exploration expenditure in 2010-2011 rose by $718 million to $2,951 million, an increase of 32%.
In the period 2006-07 to 2010-11, the value of exports from the mining industry more than doubled.
In 2009-2010, more than 85% of Australian merchandise exports to China comprised primary products.
In 2009-10, China was Australia’s largest market for iron ore and concentrates – accounting for almost 72% of all Australian ore exports.
Australia’s daily shipments of iron ore exceed 1 million tonnes and the figure is forecast to climb to 2 million tonnes a day within the next 5 years.
In Australia, approximately 2.2% of the workforce are in the mining industries.
The distinguishing features of a mining boom are significant increases in mining investment and/or mining output, which go on to have important macroeconomic consequences.
Measured in terms of value added to GDP, the gold mining boom greatly exceeded all subsequent mining booms. At its peak in 1852, mining comprised about 35% of GDP.
Wages rose sharply, at first in mining, then across the country as labour flowed to the diggings. Between 1850 and 1853, wages in Victoria rose by 250%.
The population of WA increased from 48,000 to 180,000 during the 1890s; and the population of Broken Hill grew from 6,000 in 1888 to almost 20,000 in 1891.
Mining investment rose from about 1/2% of GDP in 1960 to a peak of almost 3% in the early 1970s.
Investment in mining started to pick up in the late 1970s and increased sharply in 1981 and 1982.
Past mining booms have lasted approximately 15 years before resource depletion, or international or domestic developments, acted to slow economic activity and bring the boom to an end.
Global consumption of coal has increased by about 50% over the past decade and consumption of iron ore has increased by 80% since 2003.
Coal shipments have been running at a rate of around 300 million tonnes a year.
Australia’s terms of trade have risen sharply, to be about 65% above the 20th century average level.
Mining sector capital investment has risen from an average of around 2% of GDP over the past 25 years to about 4%.
Investment in the mining industry as a share of Australia’s GDP has already reached unprecedented levels and looks set to double in coming years.
Australia and Brazil have both found massive iron ore resources and now dominate seaborne global iron ore exports.
The transition away from fossil fuels to meet the climate change challenge will remain a key global test of mining’s environmental performance.
A significant global downturn, particularly one that affects China and commodity prices, is a key risk to Australia
The Australian economy is now in its 20th year of continuous growth.
The biggest productivity-enhancing reforms in Australia’s history occurred largely in the 1980s and 1990s with the reduction of barriers to international trade, labour market reforms, deregulation of financial markets, and the floating of the Australian dollar.
Mining employs just 217,000 people directly and creates around that many jobs again indirectly.
Mining represents about 9.2% of GDP, roughly the same as manufacturing.
Mining will realise $600 billion in profit over the next decade.
83% of Australian mining is foreign-owned, and these profits will be sent back overseas.
The profit margin of mining is, on average 37%. Manufacturing has a 6% profit margin, and retail is 4%.
There are estimated to be around 150,000 non-resident workers directly employed by the resources sector, anticipated to rise to around 200,000 by 2015.
State governments who grant mining licenses and regulate the industry earn a share of the minerals extracted through royalties."