Metals mining in NSW is experiencing a five year boom, almost doubling its contribution to the NSW economy over the last five years according to new data from the NSW Minerals Council.
An analysis of the total direct spending of NSW Minerals Council metals mining members has revealed a metals sector spending increase of over 50 percent in the last five years from $1.94 billion in 2015-16 financial year to $3.7 billion in 2019-20.
Analysis also shows that over the last five years the number of jobs in the metals mining sector in NSW has more than doubled from 3,690 to 7,149.
The increase in spending by metals mining companies in NSW has also resulted in a significant increase in the number of businesses supplying the mining sector in NSW. The number of NSW businesses supplying the metals mining sector grew by 44 percent over the last five years from 3,980 businesses in 2015-16 to 5,719 businesses in 2019-20.
“Our metals mining sector in NSW is experiencing a strong period of growth,” NSW Minerals Council CEO Stephen Galilee said today.
“NSW has some of the best mineral deposits in the world and we’re seeing steady high prices including for gold, silver, and copper. Metals are needed to make many everyday items, as well as for electronics and technology, and electric vehicles, batteries, solar panels and other essential components of renewable energy generation, so there is significant opportunity for further growth, including for critical minerals that are also in increasing demand for new technology.
“There are currently 10 metals mining projects in the NSW planning system which could provide a further $6.8 billion in capital investment and around 5,900 jobs for the State, including the development of cobalt, gold, silver, nickel and cobalt deposits in the west of NSW.”
“We’ve also seen record levels of exploration across NSW over the last three years, driven largely by increased exploration for gold, copper and base metals. NSW has doubled its share of national exploration spending since 2010 and quadrupled its share of greenfields exploration over the same period, showing promising signs for the discovery of the next generation of NSW mines.
“This increased spending and investment in the metals mining sector is good news for regional NSW as it means more investment, jobs and growth for local communities,” Mr Galilee said.