Global demand growing for NSW coal
Growing global demand has seen NSW coal export volumes more than double since 2001.
New analysis shows growing global demand has more than doubled NSW coal export volumes since 2001, from 75 million tonnes to more than 164 million tonnes last year.
The analysis from Coal Services, which aggregates statistics for the coal industry, shows a 118 per cent rise in export volumes since 2001, with exports over the past five years at near record highs.
The amount of coal exported by NSW peaked in 2014 at 172 million tonnes and began exceeding 100 million tonnes in 2008, with volumes over the past two years holding steady at about 164 million tonnes.
Resources, including coal, was yesterday rolled into the industry, trade and regional NSW portfolio held by Deputy Premier John Barilaro after being moved from Don Harwin’s control. He will now serve as Special Minister of State, Public Service and Employee Relations, Aboriginal Affairs and the Arts.
The NSW Minerals Council said stewardship of the resources sector was vitally important to the overall strength of the state economy.
It noted that, in the past financial year, mining sector spending in NSW generated 20 per cent of the gross regional product of the Hunter, 11 per cent of the NSW central west and 30 per cent of the far west of NSW.
Minerals Council chief executive Stephen Galilee said that over the next four years mining royalties were expected to contribute more than $8 billion in royalties to NSW to help pay for services and vital infrastructure.
He said coal, gold and copper were NSW’s most valuable exports, generating more than $17bn in export revenue each year. “Coal is our state’s most valuable export so it’s great for the NSW economy that demand for our high quality resources remains strong,” Mr Galilee said.
“Strong global demand for our high quality coal is being driven by growing energy demand as well as trends in industrialisation and urbanisation in our region.”
Coal Services analysis shows thermal coal exports used for electricity generation grew 1.6 million tonnes last year.
“NSW thermal coal is used by countries in our region to lock in reliable and affordable electricity, with new coal-fired power plants providing low-emissions coal-fired power,” Mr Galilee said.
The government has announced a bankable feasibility study for a new “clean” coal plant — which will be coupled with a solar PV farm — proposed for Collinsville in the knife-edge Coalition seat of Capricornia.
The International Energy Agency has forecast that growth in demand for coal in the Asia-Pacific region is expected to more than double by 2040.
The Minerals Council of Australia has promoted figures showing that resources generates 55 per cent of the nation’s export revenues and directly employs 250,000 Australians in highly paid jobs.