8415.0 - Mining Operations, Australia, 2012-13 Quality Declaration
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/06/2014
|Page tools: Print Page Print All|
Drop in sales erodes coal miners' profits
Coal mining profits fell by over 88 per cent during 2012-13, according to a report released today from the Australian Bureau of Statistics (ABS).
Mr Chris Thompson, ABS Director of Annual Industry Statistics, said that this was largely due to the value of sales dropping by 16.9 per cent during the year.
"While coal miners reduced expenses by 2.6 per cent, it wasn't enough to offset the sales decline," said Mr Thompson.
"Metal ore mining profits also declined by 41.4 per cent and their sales fell by 8.9 per cent. Total expenses grew by nearly 10 per cent, mostly in non-wage expenses, which contributed to the fall in profits."
However, the mining story was not all dire.
"Oil and gas extraction profits grew by nearly 40 per cent on the back of sales growth," added Mr Thompson. "Oil and gas also saw growth in employment and earnings."
These results are only a preview of the information available from the Mining industry component of the annual Economic Activity Survey, which is sent out to over 800 Australian Mining industry businesses.
Further information from the survey is available in Mining Operations, Australia (cat. no. 8415.0) available for free from the ABS website.
These documents will be presented in a new window.