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Ecomomics on Mining industry

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Added on  2021-02-20

Ecomomics on Mining industry

   Added on 2021-02-20

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ECONOMICS COURSEWORK
Ecomomics on Mining industry_1
Table of ContentsINTRODUCTION...........................................................................................................................1INDUSTRY BACKGROUND .......................................................................................................1MARKET STRUCTURE ...............................................................................................................2INDUSTRY ASSOCIATED ISSUE ..............................................................................................2IMPACT OF ISSUES ON THE INDUSTRY AND ON AUSTRALIA ECONOMY ...................4GOVERNMENT POLICY..............................................................................................................6CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................8
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INTRODUCTIONMining industry is made up of large multinational companies that sustain in the marketthrough their production by their mining operations (O'faircheallaigh, 2017). It is one of thelongest industry that contribute in the economy of Australia by generating income by exportingand giving employments to people. Present report will highlight the background of miningindustry, market structure of mining industry, issues related to the industry that affect theeconomy of Australia and various impacts of the issues on mining industry and economy ofAustralia. Further report also include various policies formulated by the government for themining industry. INDUSTRY BACKGROUND There is a long significant of mining industry in Australia as it is the largest contributorof income in the economy of Australia. Mining industry provides export income, employmentand royalty payments in the economy (Kusi-Sarpong, Sarkis and Wang, 2016). Historically,mining industry booms encouraged population growth through immigration in Australiaspecially for gold rushes. Mining was the early source of income for Australia which has helpedthem in paying their imports. The first minerals in Australia was Silver and lead. Australia hasmining activities in various states and territories, the major mines in Australia are Olympic Damand Super Pit gold mine. Australia is the largest supplier of iron ore after China in 2015 and it is the largestproducer of Nickel, copper, Aluminium, gold, silver, Uranium, Opal, Zinc, Petroleum, Naturalgas and Rare earth elements. Most of the materials mined are exported from Australia todifferent countries. In mining industry there is a requirement of new equipments and technologyregularly, Australia exports $2 billion technology and equipments annually. Due to the miningactivities there was a substantial impact on the environment, it resulted to deforestation,landscapes and many more. There are number of multinational companies operating theirbusiness in Australia are BHP, Rio Tinto etc. and there are small mining companies which arealso listed in Australian stock exchange. Australia is the world's largest exported of iron ore,lead, coal, zinc etc. and second largest of gold and third largest of aluminium (Gamu, Le Billonand Spiegel, 2015). 1
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