Mining is a significant contributor to the global economy. Its contribution has been realized in more than one way. It is not solely focused on the sale of the commodities. You can only imagine the number of employment the industry has availed. A lot is going around mining, which includes construction, education and research, transportation, environmental management, and geological services.
Equipment suppliers in the mining industry also have a role to play in the economic growth brought about by mining. Australia is one of the lucky countries when it comes to having minerals. It is not a new activity as it traces way back from 1851 when gold was first mined in the country.
What do you need to know about mining in Australia? Well, the following are some of the exciting facts about mining in the country.
There are over 217000 miners in Australia. The numbers can be accounted for by 12,600 of the miners working in the oil and gas sector. Mining support and exploration take 45,800 of the employees and 52000 in the coal mines. Non-metallic ores and quarrying have employed 7,600 workers. The remaining 20,000 cannot indeed be accounted for but do generate income from mining. This means that the mining industry has a significant role to play in improving the living standards of the population through employment.
You will be surprised by the profit margins that mining in Australia gets from mining! Other industries like manufacturing only get around 6 percent. On the other hand, mining can score a whopping 37 percent, which tells a lot about how much mining is an asset to the economy of the country. Another thing you need to know is that the mining machines and equipment used in the course are responsible for the high profits!
Exportation of Australia’s mineral commodities in Australia has contributed significantly to the GDP of the country, making up 11.4 percent of it. This can be translated to about $206 billion. It is also worth noting that Australia boasts being the world’s largest exporter of coal, lead, diamonds, and ore.
Australia has the most qualified miners in the world. How is this? Well, it is not in vain. The industry has taken upon itself to fund training and education in the industry. Well, the figures are estimated to be $1.1 billion per annum. That is a substantial amount! The skill also comes with other advantages, like having a higher pay grade than the workforce in other industries. It is quite a bit differenced as the average weekly earnings are about 73.5 percent higher than that of the workers in other sectors.
Mining has made a significant contribution to the economy of Australia for a long time now. It is not the only country that has so much to benefit from it. That means that for a fact mine is a critical economic factor, which has seen the need for investment in research and development in a bid to make it more efficient.