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Australia’s largest coal miner, Glencore, says trade figures showing the fossil fuel eclipsed iron ore in May as the nation’s most valuable export underline its continuing importance in energy security, industry and the broader global economy.
In a sign of coal’s enduring near-term demand despite accelerating global action on emissions, data from the Australian Bureau of Statistics revealed earnings from coal shipments jumped to $14.7 billion during May, surpassing iron ore for the first time in 13 years.
Swiss commodities trading giant Glencore, which operates prominent coal mines in New South Wales and Queensland, said it was “proud” of coal’s economic contribution.
“The coal industry continues to play a significant role in Australia’s economy,” it said. “The ABS trade data demonstrates the important role high-quality Australian coal plays in electricity generation, steel-making and energy security in many countries around the world, particularly in Asia.”
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