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Coal has been Australia's top commodity export but gold is gaining
By Clyde Russell
Reuters
Monday, June 30, 2025
LAUNCESTON, Australia -- For decades, coal was the bedrock of Australia's commodity exports before it lost its top status to iron ore as shipments of the steel raw material to China soared.
Now coal is at risk of being surpassed by gold.
... Dispatch continues below ...
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The latest quarterly report from the Australian government's commodity forecaster shows that earnings from exports of the precious metal are expected to rise to A$56 billion ($36.6 billion) in the fiscal year starting July 1.
This is higher than the A$39 billion forecast for metallurgical coal and the A$28 billion for thermal coal, according to data released on Monday by the Department of Industry, Science, and Resources.
Of course putting the two types of coal together brings a combined total of A$67 billion for expected export earnings in 2025-26, which is still higher than the forecast for gold.
But here is where it gets interesting.
By the 2026-27 fiscal year, it's quite possible that gold could overtake the combined total for metallurgical coal, used to make steel, and thermal coal, used mainly for power generation. ...
... For the remainder of the analysis:
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