According to data from the South Australian Government, high commodity prices for the state’s in-demand mineral resources have delivered record royalty receipts for the 2023–24 financial year (FY24).
According to Geoscience Australia’s ‘Australia’s Identified Mineral Resources 2023’ report, South Australia contains 68 per cent of Australia’s demonstrated resources of copper, making it one of the world’s premier copper jurisdictions.
Copper, gold and uranium, have all benefitted from increased price growth recently, which is projected to continue into 2025.
This has resulted in South Australia’s royalty receipts for FY24 bringing in a record $422.5 million, which represents a $43.3 million increase – or a 11 per cent year-on-year increase – over the $379.2 million delivered in FY23.
In the 12 months to September 2024, refined copper and copper products represented 15 per cent of the state’s total exports at $2.7 billion, a nine per cent increase on the previous 12-month period.
South Australia has delivered $17.6 billion in goods exports, with the resources sector representing 39 per cent of the total.
“These resource royalty figures are fantastic news for our state,” SA Energy and Mining Minister Tom Koutsantonis said.
“The growth in royalty receipts bolsters the state’s budget position, helping to ensure that the entire South Australian community benefits from the abundant natural resources under our feet.”
South Australia is also emerging as a key supplier of green iron, uranium, graphite, zircon, zinc and green hydrogen, all of which are vital to the global energy transition. The state also saw a 55 per cent increase in mineral exploration in 2022.
Koutsantonis said the state’s FY24 royalty receipts provide direction on where demand for natural resources may be heading.
“This is the first time we’ve raced past $400 million in total royalty receipts, and much of this year’s record growth has come from some of the minerals considered essential to renewable energy and other technologies that will help decarbonise the global economy, including copper,” Koutsantonis said.
“The SA Government is determined to position South Australia as both a leader and major beneficiary of the global economic transformation – and these results suggest we’re on the right path.”
Earlier this month, it was announced that the Asia-Pacific International Mining Exhibition (AIMEX) – Australia’s longest-running mining event – will be moving to South Australia for the next 10 years, strengthening the state as Asia-Pacific’s fastest growing modern mining market.
The move follows a strong bid from the South Australian Government and key mining stakeholders.
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