Australia forecasts record mining, energy export sales for...

Australia forecasts record mining, energy export sales for 2023

MELBOURNE, July 4 (Reuters) - Australia's mining and energy export revenues are forecast to climb 3% to a record A$419 billion ($286 billion) in the year to June 2023, buoyed by surging coal and gas prices in the wake of Russia's invasion of Ukraine, the government said on Monday.

The value of LNG exports is forecast to jump 19% to A$84 billion in the year to June 2023, even as volumes are expected to slip by 3% with output declining from gas fields feeding the North West Shelf and Darwin LNG plants.

Exports of thermal coal used in power generation are expected to rise 15% to A$44 billion on strong prices and a small rise in volume, as Australian coal is considered the main alternative to Russia's higher coal grades, the government said.