• Aussie miners hauled in a record $414 billion in export revenue over the past 12 months
  • Miners lift as gold hits month high on safe haven buying


Aussie miners continue to enjoy the fruits of strong international markets after pulling in a record $414 billion in export revenue over the past 12 months.

Raging prices for Australian thermal and metallurgical coal powered the 38% rise, with the sector contributing $109.7 billion, still behind iron ore ($134b) but up a ridiculous 180% according to the Australian Bureau of Statistics.

LNG export earnings rose 130% to $70 billion. The Albanese Government may be legislating a 43% reduction in carbon emissions by 2030, but it will equally be careful not to snap the neck of its golden geese.

That said, Environment Minister Tanya Plibersek yesterday refused to approve a coal mine near Rockhampton due to its potential impacts on the health of the Great Barrier Reef proposed by none other than Clive Palmer.

The stats came out the same week Glencore, one of Australia’s largest thermal coal producers and traders, delivered an astonishing lift in earnings almost entirely down to the strength of its coal division.

Australia’s trade surplus hit a record $17.67b in the month of June.


Gold, lithium stocks lift mining sector

Fresh off their annual swim through Kalgoorlie, Gold miners will be wrapped up all warm and toasty today with prices lifting 1.5% overnight to US$1792/oz.

The month high for the safe haven commodity appears to have come off rising geopolitical tensions with Nancy Pelosi’s visit and China’s military training exercises around Taiwan setting off alarm bells as Russia continues to wage war in Ukraine.

“This comes despite Federal Reserve officials pledging the central bank would continue an aggressive fight to cool soaring inflation. A softer USD and lower yields this week have helped support investor appetite,” ANZ’s David Plank said.

Jake Klein told reporters at the conference super high inflation could send prices to between US$2000/oz and US$3000/oz next year.

Gold Road’s (ASX:GOR) Duncan Gibbs agreed the outlook was bullish.

“I didn’t hear Jake’s commentary but I think the fundamentals for gold are pretty good,” he said.

“I guess, unfortunately, stuff that’s not good for humanity is generally good for the gold price.

“We are living in a world at the moment where we’ve got quite a lot of uncertainty still in financial markets.

“There was this thematic flooding around that cryptocurrency’s going to be the alternative to gold and I think that one’s absolutely dead in the water. So gold is still a pretty kind of robust fundamental store of value (but) of course if you’re in the gold business you’re a gold bull.”

Energy stocks were hit by lower coal, gas and oil prices, with the latter tipping below US$90/bbl for the first time in six months.

Materials however were up almost 1.7% to 3.45pm AEST.

Gold miners led the gains with green across the board.

Northern Star Resources (ASX:NST) was up 3.45%, with Evolution Mining (ASX:EVN) lifting 3.4% and Regis Resources (ASX:RRL) up 4.21%.

African-focused Resolute (ASX:RSG) was 7.02% better off, while Ramelius (ASX:RMS) and Capricorn (ASX:CMM) jumped 6.41% and 5.1% respectively and Silver Lake Resources (ASX:SLR) gained 6.02%.

Lithium stocks were also winners, led by Core Lithium (ASX:CXO) after the appointment of former Rio executive Gareth Manderson as CEO.

Pilbara Minerals (ASX:PLS), Mineral Resources (ASX:MIN), IGO (ASX:IGO) and Allkem (ASX:AKE) were all on the winner’s list.


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