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Mining Industry Insights: Charting Growth Trajectories and Professional Paths for 2024

Mining Industry Insights Charting Growth Trajectories and Professional Paths for 2024
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Wherever you are, whatever you do, you are always using something that contains a mining product. Your cellphone, desktop, or car batteries contain lithium, a mining product. The electricity you are using might come from a coal-fueled power source. Even if you use solar power, the silicon in the solar panels comes from mines.

Historians indicate that the Egyptians were mining copper on the Sinai Peninsula as far back as 3000 BCE. Since then, humans have continued mining. How much more can we mine? A search on “mining industry Australia” says that around 80% of the Australian continent has remained unexplored. The mining industry is increasing in Australia, India, China, etc. Let us take a closer look at the growth of the global mining industry and the opportunities people will gain as a result.

Mining industry: Growth and Projections

The more industries around the world grow, and the more middle-class people earn, the higher the growth rate of the mining industry becomes. In recent decades, heavy industrialisation, urbanisation, and increasing incomes have been seen among people, and the result has been seen in the mining industry.

Growth around the world
  • London-based professional services network PwC (PricewaterhouseCoopers) has published a report stating that the market capitalisation of the top 40 mining companies tripled from USD 400 billion in 2003 to USD 1.2 trillion in 2022.
  • In January 2024, The Business Research Company published “Mining Global Market Report 2024.” This has shown some vital statistics about the global mining industry:
    • The mining market has witnessed significant growth in recent years, from USD 2138.73 billion in 2023 to USD 2276.8 billion in 2024, with a compound annual growth rate (CAGR) of 5%.
    • Expectations for the mining market remain optimistic, with projections indicating robust growth. By 2028, the market size is forecasted to reach USD 2825.81 billion, with a CAGR of 5%.
  • Also, Statista predicts that the mining & quarrying industry around the world may grow at a CAGR of 79% from 2024 to 2028. Also, the Mining & Quarrying production may reach 16,810 billion kg in 2024.
Australia

Australia is one of the largest producers in the mining industry worldwide. How much is the mining industry in Australia growing?

  • First, we’ll talk about overall growth in 2022-23. As per the Australian Bureau of Statistics data, the mining industry in Australia saw growth across all key metrics in 2022-23. EBITDA rose by 4% (AUD 52.0 billion). The growth rate was 34.7% (AUD 57.4 billion) in 2021-22. Mining IVA increased by 23.2% (AUD 66.4 billion) following a 31.2% (AUD 68.1 billion) rise in 2021-22. This is excellent news for Australians seeking an apprenticeship in the mining industry.
  • Also, the mining industry in Australia saw the largest earnings growth (4%) compared to all other sectors.
  • According to Statista data, the compound annual growth rate of the mining and quarrying industry in Australia can be 02% between 2024 and 2028.

Figure 1: Projection of EBITDA and OPBT for 2021-22 to 2022-23 in different industries in Australia

How to Get Into the Mining Industry? A Closer Look!

If you are wondering “How to Get Into the Mining Industry?” then you need to remember that the path is not easy. Although the mining industry can be a rewarding and well-paying career choice, it requires strategic planning and preparation.

Ways to get into the industry

First, research open mining positions on job sites like Indeed, narrowing your search by region and experience level. Check company websites directly for job listings under their “Careers” sections. Networking is crucial; connect with industry professionals through social media or personal contacts to discover opportunities.

How to enhance employability

Enhance your employability, improve physical strength, and gain knowledge of safety regulations and adaptability. Gaining experience in related fields such as construction or trucking can also be beneficial. Building a comprehensive resume that highlights relevant experience, education, and skills is essential. If you try to get an apprenticeship in the mining industry, the path to a high-paying job later will become easier.

Requirements and Work Environments

Mining roles vary from underground miners and field assistants to mining engineers and electricians. Requirements can range from on-the-job training for entry-level positions to advanced degrees for supervisory roles. The work environment is often demanding, involving long hours and potentially hazardous conditions, but the financial rewards and career growth opportunities can be significant.

The Future is Bright!

In the past, the mining industry has played a crucial role in propelling nations to the forefront of the global stage. Significantly, the mining industry is projected to remain resilient and robust. Recent times have witnessed a heightened awareness of renewable energy resources, which rely heavily on mining products such as lithium, silicon, and more. Looking ahead, the mining industry’s future, mainly in Australia, appears exceedingly bright, especially when considering the trajectory of human civilisation’s growth.

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