South Australia’s mineral and petroleum exports saw a significant increase of 14.3 per cent, surpassing $5 billion in 2023, according to the latest figures from the Australian Bureau of Statistics (ABS).

The ABS reported a record $17.9 billion in exports for 2023, with the resources sector contributing $5 billion. This figure excludes an additional $2 billion in confidential energy and mineral goods, primarily copper ores and uranium.

Iron and steel, refined copper, and lead accounted for over $3 billion of this total, highlighting the crucial role of the energy and mining sectors in driving South Australia’s export growth.

Copper, a significant export driver, was a standout performer, while iron ore exports reached almost $1.2 billion for the 2023 calendar year, indicating substantial potential for further growth.

“We are witnessing the resources sector flourish as we focus on the global energy transition,” said Tom Koutsantonis, South Australian Minister for Energy and Mining.

“The shift towards exporting more value-added products, such as refined copper, is the right direction for South Australia’s economy, leading to more jobs and greater complexity in our economy. Copper’s vital role in electrification technologies makes it a critical mineral for global decarbonisation. South Australia, hosting 70 per cent of Australia’s copper resource, is in an excellent position to capitalize on the growing global demand for copper.”

South Australia is home to 16.8 billion tonnes of magnetite iron resource in the Northern Gawler, Southern Gawler, and Braemar provinces, which could be beneficiated locally using hydrogen, presenting a significant opportunity for value-added green products.

The resources sector, already a key pillar of South Australia’s economy, could experience a game-changing transformation by exporting value-added green products.

Exploration expenditure in the sector in 2023 was the highest since 2012, indicating strong growth and potential for further expansion. This growth contrasts sharply with the previous Marshall Liberal administration, with exploration expenditure under the current Malinauskas Labor Government exceeding that of the entire four years of the former administration.

For more information, visit www.stateprosperity.sa.gov.au.