Australia exports a wide range of important mineral resources, including precious metal gold, base metals such as copper, iron ore, aluminum and nickel, and energy resources oil, natural gas and coal. In recent years, lithium has also become a major mineral export for Australia.
During the 2023/2024 period, Australia's mineral exports reached AU$415 billion, according to the Department of Industry, Science and Resources (DISR), which is forecasting a decline to AU$387 billion for 2024/2025.
“Modest global economic growth is expected over the outlook period, as lower inflation allows some central banks to make further small cuts in official interest rates,” the department's March 2025 Resources and Energy Quarterly stated. “Trade actions and retaliatory measures will likely detract from global growth and may further geopolitical tensions … In volume terms, most of Australia’s resource exports are likely to show a modest pick up through the outlook period.”
Export Finance Australia highlights that in March 2025 the Organisation for Economic Co-operation and Development (OECD) downgraded its global growth forecast to 3.1 percent for 2025 and 3 percent for 2026 on uncertainty over trade and stickier than expected inflation.
However, there is a silver lining for Australia, as the nation's “diversified export profile ensures (its) GDP is relatively less dependent on US exports.”
Australia's top mineral resources
But what are Australia's top mineral resources by export value? Read on for a breakdown of Australia's five most valuable natural mineral resource exports, iron ore, liquified natural gas, coal, gold and copper.
Combined, the country's mineral exports accounted for two thirds of Australia’s merchandise export earnings in the 2023/2024 financial year, as per the data from the Department of Industry, Science and Resources. Prices are reported as real export values using 2024/2025 commodity prices.
1. Iron ore
According to the DISR's data for 2023/2024, iron ore accounted for AU$141 billion of Australia's export value during that period.
As the world’s largest producer and exporter of iron ore, Australia is the king of the iron game. US Geological Survey (USGS) information shows that Australia produced 930 million metric tons of iron ore in 2024, accounting for 37.2 percent of global production.
Iron is used in everything from infrastructure to transportation to advanced technology, meaning Australia and its many iron ore mines in Western Australia have enjoyed a mighty run of economic prosperity as China has leaned into its push for industrialization.
As for future iron ore export value, the metal is forecast to bring in AU$117 billion for 2024/2025. Looking further out, weaker demand out of China and globally is likely to dampen demand for iron ore going forward, which led the department to project iron ore export value of AU$81 billion for the 2029/2030 financial period.
2. Liquified natural gas
Liquified natural gas (LNG) is Australia’s second most valuable resource export, earning more than AU$70 billion for the economy in the 2023/2024 financial period. The DISR expects this figure to jump to AU$72 billion in 2024/2025.
The island continent is home to 14 different basins that yield natural gas. The country has significant natural gas reserves, with much of it locked up in coal seams that require unconventional drilling. Most of Australia’s natural gas production occurs offshore in the northwest, which has seen an increase in large development projects over the past few years.
Moving forward, several factors are expected to place downward pressure on Australia's LNG export values, including less production from maturing wells alongside a drop in investment; declining use of natural gas as an energy source in favour of renewables; lower natural gas prices; and the rising prominence of US LNG in the global export market. All in, the department projects the value of Australia's LNG exports will fall to AU$45 billion in the 2029/2030 financial period.
3. Coal
While more western nations around the world are turning away from coal, in Australia, the sooty black rock is a source of incredible wealth. In terms of Australia’s resource and energy exports, during the 2023/2024 financial period metallurgical coal and thermal coal accounted for an export value of AU$56 billion and AU$38 billion, respectively.
Australia hosts coal deposits across the country, with a number of new mines under construction and expansion projects underway. However, softer demand for coal going forward is likely to result in a significant decrease in Australia's coal exports over the coming years as the transition to renewable energy continues and financing for new coal projects dries up.
During the 2024/2025 period, export values for metallurgical and thermal coal are expected to drop to AU$41 billion and AU$33 billion, respectively, and fall even further by 2029/2030 to AU$33 billion and AU$22 billion.
4. Gold
Australia's gold exports in 2023/2024 are valued at AU$34 billion, making gold Australia's fourth most valuable mineral export. The Department of Industry, Science and Resources expects this figure to rise to AU$36 billion for 2024/2025, before falling to a projected AU$30 billion by 2029/2030.
According to the USGS, Australia produced 290 tonnes of gold in 2024, only behind China and Russia for the top gold-producing countries.
Much of Australia’s wealth is founded on gold, with a number of gold rushes triggered in the mid-1800s that supercharged the nation’s development and set it down its path of prosperity through mining. Today, most of Australia's top-producing gold mines in the country are located in Western Australia.
5. Copper
Copper comes in as the fifth most valuable mineral export from Australia, earning AU$12 billion in 2023/2024. Australia is the world's eighth largest producer of the red metal, putting out 800,000 MT of copper in 2024, and hosts the third largest copper reserves at a JORC-compliant 100 million MT.
Most of Australia's copper resources are located in South Australia, home to the largest single copper mine in the country: the Olympic Dam polymetallic mine, owned by BHP (ASX:BHP,LSE:BHP,NYSE:BHP). The state of Queensland is also a hotbed of copper activity with at least a dozen operating mines, including Australia's second largest copper producer, Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Mount Isa Mines complex.
Looking forward, for the 2024/2025 period, the Department of Industry, Science and Resources is forecasting AU$15 billion in export value for copper, and projecting that figure to come in at AU$18 billion in 2029/2030.
This growth is expected to come via rising demand for copper globally spurring increased production and exploration spending in the country resulting in a robust copper export market for Australia.
Other mineral resources
While the five resources above represent the most valuable mineral exports to the Australian economy, the country sits on significant reserves of almost every mineral you can find on the planet. Other major commodities of significant value to the Australian economy are oil, lithium, aluminum, oil, nickel and zinc.
Lithium as a mineral export from Australia earned AU$10.25 billion in 2023/2024. The country is the world's largest producer of the energy metal, putting out 88,000 MT of lithium in 2024, and hosts the second largest lithium reserves at 7 million MT. Most of Australia's lithium resources are located in Western Australia.
Looking forward, for the 2024/2025 period, the Department of Industry, Science and Resources is forecasting AU$5.2 billion in export value for lithium, and projecting that figure to come in at AU$9.2 billion in 2028/2029.
Wondering where uranium and rare earths are on this list? Despite having 28 percent of the world’s reserves, uranium export value came in at only AU$1.2 billion for the 2023/2024 period despite the country having three mines producing uranium — Four Mile, Olympic Dam and Honeymoon — although Honeymoon just re-entered production in April 2024. As uranium demand increases and new mine supply comes online, exports are projected to jump to AU$1.41 billion in 2024/2025 and AU$1.7 billion by 2029/2030.
While Australia also ranks as the fourth largest producer of rare earths globally, rare earths production did not rate as a major contributor to the Australian economy. However, the country's first rare earths refinery, Lynas Rare Earths' (ASX:LYC) Kalgoorlie processing facility is just getting started, and Iluka Resources' (ASX:ILU) Eneabba rare earths refinery is slated to come online in the next few years. This has the DISR forecasting rare earths exports reaching a range between AU$1.3 billion and AU$3.7 billion in 2029/2030.
This is an updated version of an article first published by the Investing News Network in 2019.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
