Australian resources continue to be in high global demand, featuring among multi-billion dollar commercial agreements with Chinese companies.
AMMA member Fortescue Metals Group has signed iron ore supply and delivery agreements to public and private steel mills from various provinces and municipalities across China, demonstrating the company’s diverse customer base.
Eight Memoranda of Understanding (MOUs) were made by Fortescue with major Chinese steel mills on the sidelines of the inaugural China International Import Expo (CIIE).
Fortescue is a sponsor of the Australian National Pavilion at CIIE joining thousands of businesses from 130 countries at the prestigious event.
Fortescue’s partnership deal was one of 11 major commercial agreements between Australian and Chinese companies worth almost $15 billion over the next five years recently signed with Australia’s largest trading partner.
Fortescue’s Chief Executive Officer, Elizabeth Gaines said the miner has enjoyed strong relationships with customers since our first shipment of iron ore a decade ago.
“Australia’s significant strategic partnership with China is built on the importance of trade and is a fundamental pillar in our relationships across the Asian region,” she said.
Minister for Trade, Tourism and Investment Simon Birmingham said the commercial deals present exciting new developments and opportunities for Australian companies and help to provide certainty for businesses and their employees.
“The certainty these types of agreements can provide, means Australian companies can have confidence to invest more in their operations which is good for our economy and helps to creates more jobs,” he said.
BBI Group, owner of the Balla Balla vanadium-titanium-iron project located on the Pilbara coast, also signed a financing agreement for iron ore supply and delivery.
Resources exports driving Australia’s record trade result
Surging growth in Australia’s fossil fuel exports of coal and gas is also boosting Australian trade.
Minster for Resources and Northern Australia Matt Canavan said today that the latest ABS International Trade in Goods and Services figures reveal Australia’s trade surplus climbed to $3 billion in September – driven by strong growth in the value of resource exports.
Minister Canavan said the latest trade results “exceeded market expectations”.
“Australia’s trade figures confirm the vital contribution Australia’s booming minerals sector is making to the Australian economy,” he said.
“In seasonally adjusted terms, the balance on goods and services was a surplus of $3,017 million in September 2018, up $675 million from the August result.
“Minerals and fossil fuel exports drove the rise in exports, with iron ore exports growing strongly as well as exports of gas.”
Minister Canavan said these figures confirm that coal has overtaken iron ore as Australia’s largest export for the past 12 months, with coal exports reaching $63 billion in the 12 months to September 2018.
“Australia’s fossil fuel exports now account for a third of merchandise exports – a record amount.
“Australia’s coal and gas industries don’t just help provide power throughout the world, they also provide enormous wealth and jobs for Australians.”
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