Economy Why is Australia so rich

Australia's black gold

But the raw material is too important for the country's economy. According to calculations, the Australian hard coal reserves last 111 years and those of lignite 539 years. In 2018, Australia produced around 486 million tons of hard coal and lignite. Australia wants to extract these large reserves. That is why more new mines are planned. And the more rock is extracted, the larger the ports have to be in order to be able to export the coal. This is why the ports of Gladstone, Hay Point and New Castle have recently been expanded, as the satellite images show.

The sea ports for exporting the fossil rock are all on the east coast of Australia. Because from there the coal is mainly shipped to East Asia. The main customers are countries such as China, Japan, Taiwan and South Korea. Individual EU countries are also among the customers.

Most of Australia's coal reserves, around 80 percent, can be mined using opencast mines. That is a great advantage. The mining of the rock underground is technically much more difficult and expensive. Opencast mining is therefore a major competitive advantage for Australia's mine operators.

Despite the protests against the new coal mine that have been going on for a long time, Adani wants to hold on to its construction. The company will not be intimidated or deterred from keeping its promises - for the people in Queensland, the Australians and the people in developing countries who urgently need affordable energy to help them escape poverty, said a company spokeswoman.

The "Economy from Above" section is created in cooperation with LiveEO - a participation of DvH Ventures. The Handelsblatt Media Group is part of DvH Medien, which also includes DvH Ventures.