FINANCIAL OPERATIONS
INTRODUCTION
Statistics in this Chapter relate to all subdivisions of the mining industry as classified by the Australian and New Zealand Standard Industrial Classification (ANZSIC) 1993 edition. These data are presented at the ABN unit / TAU level (see the Glossary for definitions) and, therefore, can contain data about activities normally associated with industries other than mining. Explanatory Notes paragraphs 5-20 provide further details. The commentary refers mainly to the tables in this chapter, as well as to the employment data presented in table 1.1.
SUMMARY
Major indicators for the Australian mining industry showed decreases, in current price terms, from 2002-03 to 2003-04. These decreases related to sales and service income (down 4.3%), industry value added (down 8.2%) and trading profit (down 8.4%).
The Minerals Council of Australia's Minerals Industry Survey Report, 2004 reported that average US dollar world mineral prices rose by 18% during 2003-04. This increase was partly related to an increase in commodity demand due to economic activity in Asia, particularly China. However, as the Australian dollar appreciated by around 22% between 2002-03 and 2003-04, the price increases, expressed in US dollar terms, translated into a 5% fall in the Reserve Bank of Australia's Australian dollar non-rural commodity price index for the same period.
As reported in ABARE's Australian Mineral Statistics, export earnings for black coal fell by 9% in 2003-04. The decrease was largely due to a 13% fall in export earnings for coking coal, reflecting a 16% decrease in the average export price in Australian dollar terms offset by a 4% increase in export volume. Crude oil export earnings fell by 21% during 2003-04. Economic recovery in the US, increased consumption by developing countries and concerns regarding security of supply resulted in world oil prices increasing by about 12%. However, the increased prices were more than offset by the stronger Australian dollar and decreased oil production from several Australian oil fields. Earnings from zinc exports decreased by 14%. Although the price of zinc in US dollar terms increased by 24%, export volumes fell by 12%, due in part to a mine in Western Australia suspending operations (Western Australian Department of Industry and Resources). Diamond export earnings decreased by 33%, resulting from reduced production and the Australian dollar appreciation.
Nickel export earnings grew by 33% in 2003-04. US dollar prices for nickel increased by 60% during the financial year, the result of a buoyant global market driven by Chinese demand and expanding stainless steel production. Export earnings from lead increased 10.8%. Lead prices in US dollar terms increased by 57%, more than offsetting the stronger Australian dollar and a 6% fall in export volume.
SELECTED INDICATORS, Coal mining, Oil and gas extraction and Metal ore mining(a)
EMPLOYMENT
Employment in the Australian mining industry at the end of June 2004 was estimated at 87,167 persons, an increase of 3.5% compared to the estimate for June 2003. The major sources of this increase were METAL ORE MINING (up by 1,702 persons) and SERVICES TO MINING (by 1,059 persons). Apart from a decline of 0.2% in OIL AND GAS EXTRACTION, employment increased in all constituent industries for which data are shown. Employment in the 'core' mining industries of COAL MINING, OIL AND GAS EXTRACTION and METAL ORE MINING increased by 3.6% overall, closely resembling the rate of increase in total mining.
At the industry subdivision level, 20.3% of mining employment at the end of June 2004 was in COAL MINING, 8.7% in OIL AND GAS EXTRACTION, 29.4% in METAL ORE MINING, 13.0% in OTHER MINING, and 28.6% in SERVICES TO MINING. These proportions are quite stable over the three years presented in table 1.1.
WAGES AND SALARIES
The Australian mining industry paid $7.0b in wages and salaries in 2003-04, an increase of 4.6% (or $304m) on the previous year. Wages and salaries paid declined by 0.5% in METAL ORE MINING, but increased in the other four subdivisions. The 'core' mining industries of COAL MINING, OIL AND GAS EXTRACTION and METAL ORE MINING recorded a 3.3% increase in wages and salaries overall.
At the industry subdivision level, 27.6% of the value of wages and salaries for total mining in 2003-04 were paid in COAL MINING, 12.0% in OIL AND GAS EXTRACTION, 27.8% in METAL ORE MINING, 7.9% in OTHER MINING, and 24.8% in SERVICES TO MINING. As with their shares of employment, these proportions are quite stable over the three years presented in table 1.1.
The practice in several industry classes in METAL ORE MINING is to substitute employed with contract labour. In METAL ORE MINING, contract mining expenses exceeded selected labour costs by 19% (or $406m) whereas at the total mining level, selected labour costs were greater than contract mining expenses by 73% (or $3.3b).
SALES AND SERVICE INCOME
Sales and service income for total mining was $60.1b in 2003-04, a decrease of $2.7b (4.3%) over the previous year. Sales and service income for the 'core' mining industries of COAL MINING, OIL AND GAS EXTRACTION, and METAL ORE MINING decreased by $2.6b (5.0%) to $49.5b in 2003-04.
COAL MINING sales and service income decreased by $1.4b (8.7%) to $14.7b. Coal prices fell at a much greater rate in the year ended December 2003 (24.5% for steaming coal and 30.1% for coking coal) than in the year ended June 2004 (7.9% and 15.7% respectively). A significant number of coal producers report on a year ending December (see Explanatory Notes paragraph 21 for more details).
The value of sales and service income for the OIL AND GAS EXTRACTION industry decreased by $1.3b (7.5%) to $15.7b, attributed primarily to declining production from mature fields. Although oil prices rose in 2003-04 (West Texas Intermediate increased by 13%), the effect on sales and service income was tempered by the appreciation of the Australian dollar.
Sales and service income for METAL ORE MINING remained relatively unchanged at $19.0b. This result is the product of a diversity of movements for individual industries, ranging from an increase of $676m (25%) in the industry comprising BAUXITE MINING, NICKEL ORE MINING and METAL ORE MINING N.E.C. to a decrease of $780m (13%) for GOLD ORE MINING.
INDUSTRY VALUE ADDED
In 2003-04, national production of the mining industry as measured by IVA decreased by $3.0b (8.2%) to $33.9b. Decreases of $1.6b (20%) in IVA of COAL MINING and $1.5b (9.7%) in OIL AND GAS EXTRACTION were moderated by a smaller decrease in METAL ORE MINING and increases in OTHER MINING and SERVICES TO MINING.
Contributing $13.8b (41%) to total mining IVA, the OIL AND GAS EXTRACTION industry was the most significant source of IVA in 2003-04.
In terms of IVA components, the main source of the decrease in IVA for total mining was the $2.7b (4.3%) decline in sales and service income. Purchases of goods and materials were relatively unchanged, increasing by $23m (or 0.3%). The value of capital work done by mining businesses for their own use increased by $465m (63%). Other intermediate input expenses increased by $781m (4.2%) reflecting, principally, increases of $441m in freight and cartage expenses and $266m in other contract, subcontract and commission expenses.
Note that the presentation of the components of industry value added in this issue differs from that of previous issues of this publication (see paragraph 32 of the Explanatory Notes and the relevant definitions in the Glossary).
TRADING PROFIT
Total trading profit for the mining industry in 2003-04 was $31.1b, a decrease of $2.9b (8.4%) over the previous year. The main contributors to this decline were COAL MINING, where trading profit fell by $1.7b (or 24%), and OIL AND GAS EXTRACTION, which recorded a decline of $1.6b (or 11%). Trading profit for METAL ORE MINING decreased by a much smaller value ($140m) and percentage (1.7%). Within METAL ORE MINING, increases in SILVER-LEAD-ZINC ORE MINING (of $315m) and BAUXITE MINING, NICKEL ORE MINING ($435m) were outweighed by decreases in all other constituent industries, the largest of which was $558m in GOLD ORE MINING.
NET CAPITAL EXPENDITURE
The capital expenditure data presented in this issue include intangible assets for the first time (see paragraph 31 of the Explanatory Notes and the relevant definitions in the Glossary).
Net capital expenditure by the mining industry in 2003-04 was $12.1b, down by $116m (1.0%) on the previous year. Net capital expenditure by the COAL MINING, OIL AND GAS EXTRACTION and METAL ORE MINING industries increased by $689m (6.8%) to $10.8b.
Expansion and development of operations in METAL ORE MINING contributed to an increase in net capital expenditure in that industry of $836m (20%) to $5.0b. GOLD ORE MINING, IRON ORE MINING and, to a lesser extent, COPPER ORE MINING were the major contributors. Net capital expenditure in the OIL AND GAS EXTRACTION industry increased by $107m (2.6%) to $4.2b.
Acquisition of dwellings, other buildings and structures by the total mining industry declined by 9.6%, or $433m, between 2002-03 and 2003-04. An increase of 22.0%, or $1.0b, occurred in outlays on plant, machinery and equipment.
INDUSTRY PERFORMANCE MEASURES
A range of performance measures, mainly expressed as ratios, can be produced from the data available from businesses' financial statements. A selection of these are presented in this Chapter for the various mining industries. Information about the uses and limitations of these measures can be found in Explanatory Notes paragraphs 24-30.
Performance ratios
The following summarises the mining industry's performance ratios for 2003-04, which appear in detail in tables 2.11-2.13:
- Of all mining industries shown, COAL MINING (at $124,143) recorded the highest selected labour costs per person employed, slightly greater than OIL AND GAS EXTRACTION ($123,269). Both these values were more than double the lowest value ($54,240), which related to OTHER MINING.
- The highest value of IVA to selected labour costs occurs in the OIL AND GAS EXTRACTION industry, where IVA exceeds selected labour costs by 14.8 times. This is more than double the next highest value, which is for the industry consisting of BAUXITE MINING, NICKEL ORE MINING and METAL ORE MINING N.E.C. The SERVICES TO MINING industry shows the lowest value for this ratio.
- The highest trading profit margin (83%) was earned by OIL AND GAS EXTRACTION. COPPER ORE MINING was the lowest (27%).
- The interest coverage ratios of most of the industries presented declined between 2002-03 and 2003-04.
TRADING PROFIT MARGIN, selected industries(a)
| 2.1 SUMMARY, Financial performance and capital expenditure |
|  |
INDUSTRY | Trading profit | Earnings
before
interest
and tax | Operating
profit
before tax | Acquisitions | Net capital
expenditure | |
| ANZSIC code | Description | $m | $m | $m | $m | $m | |
| |
| 11 | Coal mining | 5 531.9 | 2 579.4 | 1 688.1 | 2 382.1 | 1 592.3 | |
| 12 | Oil and gas extraction | 13 016.5 | 9 619.7 | 8 771.0 | 4 317.4 | 4 208.3 | |
| 13 | Metal ore mining | | | | | | |
| 1311 | | Iron ore mining | 3 169.5 | 2 539.2 | 2 230.8 | 1 642.7 | 1 594.4 | |
| 1313 | | Copper ore mining | 545.8 | -86.2 | -253.7 | 542.0 | 535.2 | |
| 1314 | | Gold ore mining | 1 508.3 | *583.7 | *379.0 | 2 045.6 | 2 024.5 | |
| 1315 | | Mineral sand mining | 329.8 | 145.1 | 118.1 | 175.9 | 171.3 | |
| 1317 | | Silver-lead-zinc ore mining | 908.3 | -67.1 | -87.7 | 190.2 | 182.9 | |
1312, 1316
and 1319 | | Bauxite mining, nickel ore mining and metal ore mining n.e.c. | 1 808.8 | 1 882.0 | 1 843.3 | 479.7 | 477.2 | |
| | Total metal ore mining | 8 270.6 | 4 996.7 | 4 229.8 | 5 076.0 | 4 985.5 | |
| 11-13 | Total coal mining, oil and gas extraction and metal ore mining | 26 819.0 | 17 195.8 | 14 689.0 | 11 775.6 | 10 786.0 | |
| 14 | Other mining | 1 749.9 | 774.0 | ^625.6 | 455.0 | 386.2 | |
| 15 | Services to mining | 2 542.2 | ^528.4 | ^461.7 | 1 146.2 | 901.9 | |
| 11-15 | Total mining | 31 111.2 | 18 498.2 | 15 776.3 | 13 376.8 | 12 074.1 | |
| |
| ^ estimate has a relative standard error of 10% to less than 25% and should be used with caution |
| * estimate has a relative standard error of 25% to 50% and should be used with caution |
| 2.3 FINANCIAL PERFORMANCE, Metal ore mining |
| |
| | | Iron ore mining | Copper ore
mining | Gold ore
mining | Mineral sand
mining | Silver-
lead-zinc
ore mining | Other(a) | Total metal
ore mining | |
| | | $m | $m | $m | $m | $m | $m | $m | |
| |
| Sales and service income(b) | 5 622.5 | 2 046.3 | 5 042.9 | 927.8 | 1 986.1 | 3 355.0 | 18 980.7 | |
| Less | | | | | | | | |
| Purchases of goods and materials | 648.3 | 632.7 | 1 078.1 | 208.7 | 387.4 | 800.7 | 3 756.0 | |
| Rent, leasing and hiring expenses | 62.4 | 22.3 | 102.2 | 10.1 | 9.7 | 23.9 | 230.6 | |
| Freight and cartage expenses | 186.5 | 101.8 | ^84.9 | 40.6 | 105.6 | 55.6 | 575.0 | |
| Motor vehicle running expenses | 14.8 | 2.0 | ^16.9 | 2.0 | 1.2 | 4.5 | 41.3 | |
| Repair and maintenance expenses | 175.4 | 37.2 | 164.5 | 43.5 | 44.6 | 99.0 | 564.1 | |
| Contract mining expenses | 714.4 | 190.3 | 989.3 | 159.8 | 155.7 | 345.2 | 2 554.7 | |
| Other contract, subcontract
and commission expenses | 89.4 | 286.0 | 184.4 | 7.5 | 216.5 | 138.5 | 922.3 | |
| Other selected expenses | 676.7 | 286.6 | 1 078.3 | 161.7 | 210.1 | 375.0 | 2 788.4 | |
| Purchases and selected expenses | 2 567.9 | 1 559.0 | 3 698.5 | 633.9 | 1 130.7 | 1 842.4 | 11 432.4 | |
| Plus | | | | | | | | |
| | Opening inventories | 425.5 | 286.4 | 454.6 | 177.5 | 99.5 | 430.1 | 1 873.7 | |
| Less | | | | | | | | |
| | Closing inventories | 450.1 | 331.5 | 493.3 | 189.9 | 130.4 | 492.0 | 2 087.2 | |
| Less | | | | | | | | |
| | Capitalised purchases | 90.3 | 13.5 | 125.1 | 23.6 | 22.0 | 234.3 | 508.8 | |
| Cost of sales | 2 453.0 | 1 500.5 | 3 534.7 | 598.0 | 1 077.8 | 1 546.3 | 10 710.1 | |
| Trading profit | 3 169.5 | 545.8 | 1 508.3 | 329.8 | 908.3 | 1 808.8 | 8 270.6 | |
| Plus | | | | | | | | |
| Funding from government | | | | | | | | |
| | Energy grants credit | 45.6 | 20.6 | 134.7 | 1.4 | 21.3 | 30.7 | 254.3 | |
| | For other operational costs | - | - | 0.6 | 0.4 | - | 0.3 | 1.3 | |
| Interest income | 700.1 | 2.6 | *30.5 | 4.8 | 2.2 | 11.5 | 751.8 | |
| Other income | -8.8 | 11.0 | ^803.3 | 81.4 | 73.9 | 865.3 | 1 826.3 | |
| Less | | | | | | | | |
| Wages and salaries(c) | 518.7 | 204.2 | 664.1 | 106.2 | 189.8 | 248.7 | 1 931.7 | |
| Employer contributions into superannuation | 50.5 | 25.7 | 51.6 | 13.0 | 13.8 | 25.6 | 180.3 | |
| Workers' compensation premiums/costs | 0.9 | 8.5 | 13.3 | 2.4 | 7.1 | 4.9 | 37.2 | |
| Selected labour costs | 570.1 | 238.5 | 729.0 | 121.7 | 210.7 | 279.2 | 2 149.2 | |
| Less | | | | | | | | |
| Depreciation and amortisation | 458.8 | 357.2 | 1 038.3 | 118.8 | 810.0 | 383.7 | 3 166.8 | |
| Insurance premiums | 27.9 | 38.6 | 32.3 | 6.4 | 12.5 | 22.2 | 139.8 | |
| Natural resource royalty expenses | 339.2 | 34.7 | 136.3 | 28.6 | 40.6 | 150.0 | 729.3 | |
| Bad and doubtful debts | -0.1 | 0.5 | *8.1 | 0.2 | 0.1 | 0.3 | *9.0 | |
| Plus | | | | | | | | |
| Capitalised wages and salaries | 28.7 | 3.1 | 50.3 | 2.9 | 0.9 | 0.8 | 86.7 | |
| Earnings before interest and tax | 2 539.2 | -86.2 | *583.7 | 145.1 | -67.1 | 1 882.0 | 4 996.7 | |
| Less | | | | | | | | |
| Interest expenses | 308.4 | 167.5 | 204.6 | 27.0 | 20.6 | 38.7 | 766.8 | |
| Operating profit before tax | 2 230.8 | -253.7 | *379.0 | 118.1 | -87.7 | 1 843.3 | 4 229.8 | |
| |
| ^ estimate has a relative standard error of 10% to less than 25% and should be used with caution |
| * estimate has a relative standard error of 25% to 50% and should be used with caution |
| - nil or rounded to zero (including null cells) |
| (a) Comprises BAUXITE MINING, NICKEL ORE MINING and METAL ORE MINING N.E.C. |
| (b) Includes rent, leasing and hiring income. |
| (c) Excludes the drawings of working proprietors. |
| 2.4 FINANCIAL PERFORMANCE, Other, services to, and total mining |
| |
| | | Total coal mining,
oil and gas
extraction and
metal ore mining | Other
mining | Services
to mining | Total mining | |
| | | $m | $m | $m | $m | |
| |
| Sales and service income(a) | 49 458.3 | 4 025.9 | 6 656.1 | 60 140.3 | |
| Less | | | | | |
| Purchases of goods and materials | 6 571.2 | 900.1 | 1 405.3 | 8 876.7 | |
| Rent, leasing and hiring expenses | 689.2 | ^101.7 | 284.7 | 1 075.6 | |
| Freight and cartage expenses | 2 839.3 | 263.6 | 54.0 | 3 156.9 | |
| Motor vehicle running expenses | 52.8 | 64.7 | 75.7 | 193.2 | |
| Repair and maintenance expenses | 1 666.0 | 198.0 | 355.5 | 2 219.5 | |
| Contract mining expenses | 4 092.4 | ^65.6 | 361.9 | 4 520.0 | |
| Other contract, subcontract
and commission expenses | 1 729.5 | 142.6 | 321.1 | 2 193.3 | |
| Other selected expenses | 5 876.8 | 588.4 | 1 350.5 | 7 815.7 | |
| Purchases and selected expenses | 23 517.2 | 2 324.8 | 4 208.9 | 30 050.9 | |
| Plus | | | | | |
| | Opening inventories | 3 479.0 | 420.1 | 184.2 | 4 083.2 | |
| Less | | | | | |
| | Closing inventories | 3 615.9 | 435.9 | 250.6 | 4 302.3 | |
| Less | | | | | |
| | Capitalised purchases | 741.0 | 33.0 | 28.7 | 802.7 | |
| Cost of sales | 22 639.2 | 2 276.0 | 4 113.9 | 29 029.1 | |
| Trading profit | 26 819.0 | 1 749.9 | 2 542.2 | 31 111.2 | |
| Plus | | | | | |
| Funding from government | | | | | |
| | Energy grants credit | 501.0 | 39.8 | 98.6 | 639.4 | |
| | For other operational costs | 2.7 | 0.5 | 1.0 | 4.1 | |
| Interest income | 1 103.3 | *78.4 | ^57.4 | 1 239.1 | |
| Other income | 4 631.5 | *65.5 | ^302.9 | 4 999.9 | |
| Less | | | | | |
| Wages and salaries(b) | 4 685.1 | 546.8 | 1 723.1 | 6 955.0 | |
| Employer contributions into superannuation | 448.6 | 49.9 | 141.7 | 640.2 | |
| Workers' compensation premiums/costs | 145.9 | 16.7 | 59.7 | 222.2 | |
| Selected labour costs | 5 279.6 | 613.3 | 1 924.6 | 7 817.5 | |
| Less | | | | | |
| Depreciation and amortisation | 6 810.2 | 397.6 | 472.0 | 7 679.7 | |
| Insurance premiums | 375.5 | 28.4 | 56.6 | 460.5 | |
| Natural resource royalty expenses | 3 757.6 | 139.9 | 10.6 | 3 908.1 | |
| Bad and doubtful debts | *12.1 | *4.9 | 12.6 | ^29.6 | |
| Plus | | | | | |
| Capitalised wages and salaries | 373.3 | 24.1 | ^2.7 | 400.0 | |
| Earnings before interest and tax | 17 195.8 | 774.0 | ^528.4 | 18 498.2 | |
| Less | | | | | |
| Interest expenses | 2 506.8 | 148.4 | 66.7 | 2 721.9 | |
| Operating profit before tax | 14 689.0 | ^625.6 | ^461.7 | 15 776.3 | |
| |
| ^ estimate has a relative standard error of 10% to less than 25% and should be used with caution |
| * estimate has a relative standard error of 25% to 50% and should be used with caution |
| (a) Includes rent, leasing and hiring income. |
| (b) Excludes the drawings of working proprietors. |
| 2.6 INDUSTRY VALUE ADDED(a), Metal ore mining |
| |
| | | Iron ore
mining | Copper ore
mining | Gold ore
mining | Mineral sand
mining | Silver-lead-
zinc ore
mining | Other(b) | Total metal
ore mining | |
| | | $m | $m | $m | $m | $m | $m | $m | |
| |
| Sales and service income(c) | 5 622.5 | 2 046.3 | 5 042.9 | 927.8 | 1 986.1 | 3 355.0 | 18 980.7 | |
| Plus | | | | | | | | |
| Funding from government | | | | | | | | |
| | Energy grants credits | 45.6 | 20.6 | 134.7 | 1.4 | 21.3 | 30.7 | 254.3 | |
| | For other operational costs | - | - | 0.6 | 0.4 | - | 0.3 | 1.3 | |
| Capital work done for own use | 119.0 | 16.6 | 175.4 | 26.5 | 22.9 | 235.1 | 595.4 | |
| Change in inventories | 24.6 | 45.0 | *38.7 | 12.3 | 30.9 | 61.9 | 213.5 | |
| Less | | | | | | | | |
| Purchases of goods and materials | 648.3 | 632.7 | 1 078.1 | 208.7 | 387.4 | 800.7 | 3 756.0 | |
| Other intermediate input expenses | 1 769.8 | 902.3 | 2 373.7 | 410.3 | 724.2 | 1 004.6 | 7 184.9 | |
| Industry value added | 3 393.7 | 593.5 | 1 940.5 | 349.3 | 949.6 | 1 877.7 | 9 104.3 | |
| |
| * estimate has a relative standard error of 25% to 50% and should be used with caution |
| - nil or rounded to zero (including null cells) |
| (a) For the definition of industry value added, see the Glossary term. |
| (b) Comprises BAUXITE MINING, NICKEL ORE MINING and METAL ORE MINING N.E.C. |
| (c) Includes rent, leasing and hiring income. |
| 2.7 INDUSTRY VALUE ADDED(a), Other, services to, and total mining |
| |
| | | Total coal mining,
oil and gas
extraction and
metal ore mining | Other mining | Services
to mining | Total
mining | |
| | | $m | $m | $m | $m | |
| |
| Sales and service income(b) | 49 458.3 | 4 025.9 | 6 656.1 | 60 140.3 | |
| Plus | | | | | |
| Funding from government | | | | | |
| | Energy grants credits | 501.0 | 39.8 | 98.6 | 639.4 | |
| | For other operational costs | 2.7 | 0.5 | 1.0 | 4.1 | |
| Capital work done for own use | 1 114.3 | 57.1 | 31.3 | 1 202.7 | |
| Change in inventories | ^137.0 | **15.8 | 66.3 | ^219.1 | |
| Less | | | | | |
| Purchases of goods and materials | 6 571.2 | 900.1 | 1 405.3 | 8 876.7 | |
| Other intermediate input expenses | 15 513.5 | 1 330.6 | 2 624.1 | 19 468.1 | |
| Industry value added | 29 128.5 | 1 908.3 | 2 823.9 | 33 860.7 | |
| |
| ^ estimate has a relative standard error of 10% to less than 25% and should be used with caution |
| ** estimate has a relative standard error greater than 50% and is considered too unreliable for general use |
| (a) For the definition of industry value added, see the Glossary term. |
| (b) Includes rent, leasing and hiring income. |
| 2.9 ACQUISITION(a) AND DISPOSAL OF ASSETS, Metal ore mining |
| |
| | | Iron ore
mining | Copper ore
mining | Gold ore
mining | Mineral
sand
mining | Silver-
lead-zinc
ore mining | Other(b) | Total metal
ore mining | |
| | | $m | $m | $m | $m | $m | $m | $m | |
| |
| Capital expenditure | | | | | | | | |
| on | | | | | | | | |
| | Plant, machinery and equipment | 1 105.1 | 428.8 | 311.0 | 87.8 | 116.9 | 156.5 | 2 206.1 | |
| | Dwellings, other buildings and structures | 341.8 | 93.6 | 984.1 | 30.0 | 52.0 | 150.5 | 1 652.0 | |
| | Other (including land and intangible assets) | 195.8 | 19.7 | 750.5 | 58.1 | 21.3 | 172.6 | 1 217.9 | |
| | Total | 1 642.7 | 542.0 | 2 045.6 | 175.9 | 190.2 | 479.7 | 5 076.0 | |
| Disposal of assets | 48.3 | 6.9 | 21.1 | 4.5 | 7.2 | 2.5 | 90.5 | |
| Net capital expenditure | 1 594.4 | 535.2 | 2 024.5 | 171.3 | 182.9 | 477.2 | 4 985.5 | |
| |
| (a) Items listed include value of capital work done for own use - reported in Table 2.6. |
| (b) Comprises Bauxite mining, Nickel ore mining and Metal ore mining n.e.c. |
| 2.10 ACQUISITION(a) AND DISPOSAL OF ASSETS, Other, services to, and total mining |
| |
| | | Total coal mining,
oil and gas
extraction and
metal ore mining | Other mining | Services
to mining | Total mining | |
| | | $m | $m | $m | $m | |
| |
| Capital expenditure | | | | | |
| on | | | | | |
| | Plant, machinery and equipment | 5 042.2 | ^180.4 | 595.3 | 5 817.9 | |
| | Dwellings, other buildings and structures | 4 008.5 | 33.1 | 24.8 | 4 066.4 | |
| | Other (including land and intangible assets) | 2 724.9 | 241.4 | 526.0 | 3 492.4 | |
| | Total | 11 775.6 | 455.0 | 1 146.2 | 13 376.8 | |
| Disposal of assets | 989.6 | 68.8 | 244.3 | 1 302.6 | |
| Net capital expenditure | 10 786.0 | 386.2 | 901.9 | 12 074.1 | |
| |
| ^ estimate has a relative standard error of 10% to less than 25% and should be used with caution |
| (a) Items listed include value of capital work done for own use - reported in Table 2.7. |
| 2.12 SELECTED PERFORMANCE MEASURES, Metal ore mining |
| |
| | | Iron ore
mining | Copper ore
mining | Gold ore
mining | Mineral sand
mining | Silver-lead-
zinc ore
mining | Other(a) | Total metal
ore mining | |
| |
| Labour | | | | | | | | | |
| Industry value added to selected labour costs | times | 6.0 | 2.5 | 2.7 | 2.9 | 4.5 | 6.7 | 4.2 | |
| Selected labour costs per person employed(b) | $'000 | 105.7 | 75.8 | 77.7 | 70.3 | 101.5 | 71.6 | 83.9 | |
| Profitability | | | | | | | | | |
| Trading profit margin | % | 56.4 | 26.7 | 29.9 | 35.5 | 45.7 | 53.9 | 43.6 | |
| Debt | | | | | | | | | |
| Interest coverage | times | 8.2 | -0.5 | *2.9 | 5.4 | -3.3 | 48.6 | 6.5 | |
| Capital expenditure | | | | | | | | | |
| Acquisitions to disposals | times | 34.0 | 78.6 | 97.0 | 38.8 | 26.3 | 191.3 | 56.1 | |
| |
| * estimate has a relative standard error of 25% to 50% and should be used with caution |
| (a) Comprises Bauxite mining, Nickel ore mining and Metal ore mining n.e.c. |
| (b) See Explanatory Notes paragraph 21. |
Print Page
Print All