Iron ore and coking coal accounted for more than 44% of Australia's $159.7 billion of earnings from exports of minerals and energy in the year to June 30.
That's a proportion and a total that the country won't achieve for some time, given the sharp cuts in prices (and volumes of coking coal) that now apply after the record levels for most of the 2009 financial year for iron ore, coking and steaming (thermal) coal.
Overall, earnings from mineral and energy exports rose 37% in the June 30 year, thanks to those record prices for iron ore coal and for a time, oil and gas.
A lower Australian dollar for much of the 12 months also helped.
The Australian Bureau of Agricultural and Resource Economics said yesterday in a review of the financial year's mineral and energy production and exports, that the biggest contributor to earnings was a more than doubling of sales of coking coal to $37 billion.
"The record earnings reflect a 16% percent depreciation of the Australian dollar and higher contract prices for bulk commodities in the first nine months of the financial year," ABARE said in a statement.
Iron ore exports surged 67% to $34.2 billion on the higher prices and production, with strong demand from China in the early part of the year helping.
But export earnings from some commodities including nickel, zinc, lead, crude oil and copper fell over the year after prices fell sharply as the commodity boomed peaked in mid-2008 and then the credit crunch and recession intensified after Lehman Brothers fell over a year ago.
ABARE said the index of export prices of Australian mineral resources increased by 35% in 2008-09.
"The energy export price index increased by 68%, which mainly reflects higher contract prices or thermal coal and metallurgical coal in the first nine months of the financial year.
"The index of metals and other minerals prices increased by 12%, as higher export prices for iron ore were offset by lower export prices for most other commodities."
The agency said that There were significant increases in export earnings in 2008-09 for: metallurgical coal, up $20.7 billion (129%) to $36.7 billion; thermal coal, up $9.5 billion (114%) to $17.9 billion; liquefied natural gas (LNG), up $4.2 billion (72%) to $10.1 billion; iron ore, up $13.7 billion (67%) to $34.2 billion; and gold, up $5.2 billion (48%) to $16.1 billion.
Commodities recording significant declines in export earnings in 2008-09 included: nickel, down $3 billion (53%) to $2.7 billion; zinc, down $1.5 billion (45%) to $1.9 billion; petroleum refinery products, down $541 million (41%) to $782 million; lead, down $424 million (21%) to $1.6 billion; crude oil, down $1.7 billion (16%) to $8.8 billion; copper, down $964 million (14%) to $5.8 billion; and liquefied petroleum gas (LPG), down $161 million (14%) to $1 billion.
ABARE said that Australian production of energy and mineral commodities declined in 2008-09, with the index of mine production falling by 1%.
In particular, production of nickel, iron and steel, zinc, gold and black coal declined in 2008-09.
"Significant production declines occurred for intermediate nickel (53%); iron and steel (31%); manganese (31%); refined nickel (8%); zircon (8%); and zinc ores and concentrates (8%).
"Intermediate nickel production declined in 2008-09, reflecting the closure of significant mine capacity.
"Mines closed in the financial year included: BHP Billiton's Ravensthorpe; Norilsk's Waterloo, Lake Johnson, Black Swan and Cawse; Australian Mines' Blair; Palmary's Kambalda; and Fox Resources' Radio Hill.
"Refined nickel production was lower as maintenance at BHP Billiton's Kalgoorlie smelter in the second half of 2008 led to lower production at their Kwinana refinery.
"Manganese production was lower primarily reflecting reduced production at BHP Billiton's Northern Territory operations.
"Iron and steel production declined, reflecting lower production at BlueScope Steel's Port Kembla Steelworks and OneSteel's Whyalla operations.
Lower production of zircon concentrates reflected significant production cuts at Iluka's mineral sands operations.
"Zinc mine production was lower in the financial year as a number of mines were closed as a result of falling zinc prices in the second half of 2008.
"Mines which closed in the financial year include Teck Resources' Lennard Shelf, Intec's Hellyer and Xstrata's Handlebar Hill mine.
"Increased production was observed for tin (138%); refined silver (24%); refined copper (12%); iron ore (9%); crude oil (9%); and refined gold (6%).
"Tin production increased in 2008-09, reflecting the start-up of Metals X's Renison operation in the September quarter.
"Refined silver production was higher as a result of increased production at the Port Pirie refinery in South Australia.
"Production of refined copper increased reflecting higher production at Xstrata's Townsville refinery and BHP Billiton's Olympic Dam.
Production of iron ore increased, being underpinned by increased output from Australia's largest producers, Rio Tinto, BHP Billiton and Fortescue Metals Group.
Australia's crude oil production was higher in 2008-09 reflecting the start up of the Angel and Vincent fields and the continued ramp up of capacity at the Stybarrow field.
Production of refined gold increased primarily because of an increased availability of overseas scrap for refining in Australia.
Source: Australian Investment Review
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