What’s in store for the Australian mining sector?

For decades, the mining sector has been a critical driving force in the economic development of Australia. From the iron booms of the 1960s through to the coal and natural gas production of today, there's no denying just how important the sector is.

However, it's certainly seen in better days. Recent headlines point to a collapse in commodities and a shift as workers from overseas start to head back home.

So where exactly is the industry likely to head over the next few years?

A bright future?

As noted above, mining is still a sector of national significance – it provides over 750,000 jobs from the east to west coast. What's more, it's also invaluable to other countries. Korea, China, Japan and others continue to utilise the coal and iron that companies extract Down Under.

Josh Frydenberg, the Minister for Resources, Energy and Northern Australia, explained in a press released at the end of 2015 that he's optimistic about the long-term success of the sector.

"I understand the enormous contribution mining makes to the prosperity of Australia and many other countries around the world," Mr Frydenberg explained.

He went on to outline how from 2003 to 2014, over $400 billion worth of resources projects were kick started in Australia. Furthermore, the sector contributes around 8 per cent to the total Australian GDP – and 60 per cent of exports.

"In addition to creating much–needed high skilled and high paid jobs for regional Australians, it helps build careers and ensures more young people stay in regional communities."

"Australia remains well placed to meet the growing global demand for many resources and energy products driven by the continuing industrialisation of these countries."

He finished by explaining that the government will continue to try and facilitate success in the mining sector, and prepare for new investment in exploration in mining.

Will mining continue to prove a valuable Australian industry?

Innovative solutions from SRO Technology

As mining continues to play an important role in Australia, organisations will need to consider introducing effective new solutions to improve efficiencies. Dynamic belt weighing systems, for example, can prove useful across a number of processes, helping operators to maintain accurate and reliable oversight.

Level measurement solutions, on the other hand, ensure operators are able to maintain accurate readings. If you'd like to learn more about innovative solutions for the mining sector, get in touch with SRO Technology today.