Australian mining failed by media

The biggest issue the Australian mining industry faces is not environmental bonds, over-regulation or land access. Australian gold industry experts Surbiton Associates director James Pollock said it was a lack of publicity that was letting the industry down. On the final day of the Gold Coast Gold Conference, Mr Pollock said gold mining was worth around $40 billion per year to the national account. Related: Good gold prospects on the Gold Coast Its contribution was virtually ignored by the media said Mr Pollock, who was formerly a senior metals economist for BHP. “The mining industry exports about five times the value of Australia's agricultural exports. So you've got farming, forestry, and fishing bringing in about 75 billion a year. “Mining and resource exports, oil and gas, coal, iron, ore, gold. They contribute five times as much, but the average person in the street has got no idea of that at all. “Just looking at the information that the general public receives on agriculture and farming, if you look at the ABC you've got Landline. You've got the Country Hour on weekdays around midday. “There is nothing to publicise the fact that Australia is a big mining export country.” Gold is Australia’s fifth largest resources export behind iron ore, coal, oil and gas. The general populace was largely ignorant of mining’s contribution Mr Pollock, who worked as chief mining writer for Bloomberg, said. That considering Australia was a world tier one miner and mining software producer. “… The mining industry in the US is pretty small compared with Australia,” he said. “It is minute. Not only do we earn a lot, there's an awful lot of information on companies that are working, the companies that are listed on the stock exchange, and it is a very important aspect of our economy. “We've got some of the best minds, I think, in the world. You've got companies like Rio Tinto using driverless trucks and driverless trains all being operated from Perth, even though their operations are up in the Pilbara. “As a country, we produce more mining software … designing open pits to making sure you get as much ore out of the ground with as little waste as possible.” “Look, I'm sure they would be interested if they were told, but journalists in general are not very good at things that involve a bit of science and a bit of understanding of chemistry and physics." Surbiton director Dr Sandra Close Meanwhile, Surbiton co-director Dr Sandra Close told the story of how Treasurer in the final Howard government, Peter Costello, cost the county tens of billions of dollars by mishandling government gold stocks. In 1997 the federal government sold two-thirds of the 240-tonne gold reserves for around $US280/oz. “… The silly part was they announced that they'd sold two-thirds of our gold,” Dr Close said. “So we were left with 80 tonnes, and they sold 160 roughly at that time, but they announced it in July ‘97. They announced it after the fact. They'd already flogged it. “So then once the market heard that, that affected the price, which was pretty stupid really, because it had already been done.” The gold price closed yesterday close to record territory at $US3229.80/oz (April 15).

Australian mining failed by media

Industry Queensland

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