b'CommentaryCanberra observedOnshore has been better with the total Canberra observed for the December quarter increasing to $175m from a low of $75 m in 2015. How much of this is in the Beetaloo Basin I dont know. It has always seemed very David Denham AMstrange to me that anyone would want Associate Editor for Government to explore for gas in a Palaeoproterozoic Edenham1@iinet.net.au basin over 1600 million years old. One of the Beetaloo Basins fracking corporations could be forced to return millions in This will be my last regular column ofOr is iron ore better? wrongful public funding. It received Canberra observed in Preview. After$28.7m for research and development, 25years of contributing to this remarkableIn 2000 iron ore was US$25/t in 2024 it iswhen the scheme forbids funds being publication, it is time to retire. Myabout US$120/t. An increase by a factorused for gas exploration.association with the magazine started inof \x1eve. Fortescue bene\x1etted hugely from October 1999 when I was appointed asthe increased demand. Its market capitalThe situation with coal is that exploration Editor, and continued when Ann-Marieincreased from $1.7b in 2000 to $81b inis mainly limited to expanding mines that Anderson-Mayes and John Theodoris were2024. Another good investment. already exist.Editors from 2012-2014, and when LisaThe big problem with fossil fuels in Worrall took over from then until now.Then there is volatility of nickel andlithium Australia is that we are still developing It is a remarkable publication, and Inew coal and gas \x1eelds when, to meet would particularly like to thank Lisa whoThe need for minerals to make batteriesour carbon emissions targets, we should has led it from strength to strength.caused volatility in the last few years.be closing them down.Members still want to read hard copiesNickel rose from US$8600/t in 2000The Government seems to be behaving ofarticles about geophysics andto $25 800/t in 2022 before droppingparadoxically. On the one hand there interesting geophysicists. Its the peopleto US$17 000/t in 2024. Lithiumis a policy of introducing renewable who matter and she has always focusedgets the prize for volatility. In 2000resources and on the other we are on them. lithium carbonate was priced at aboutopening up new fossil fuel resources.US$5000/t. In 2022 it rose to US$20 000/t and by 2024 it had fallen to US$13 000/t. It does not make much sense.What has changed over the last 25 years? Very di\x1bcult to plan for future mining.Australian Government to In 1999 the ASX All Ords index was 3258,Demand for thermal coal declines invest $22 million in projects the market capital of the resource sectorto grow Australias critical in the top 150 companies was $81b andThe demand for thermal coal has recently there were 17 resource companies in thedeclined from a peak of $US430/t inminerals industrytop 150 in the ASX. BHP was the leader of2022 to US$120 in 2024. For the previousOn 8 January 2024 Minister for Resources the pack. twenty years the price has oscillatedMadeleine King announced that the around US$100/t.Government was funding three projects In 2024 the All Ords index was 8000, the market capital of the resource sector inAs more renewable energy sourcesfrom members of the Critical Minerals the top 150 is $566b and there are 25are developed, it is expected that theResearch and Development Hub. These companies in that segment. BHP is nowdemand for thermal coal will continue toare: the Australian Nuclear Science and the largest company registered on the ASXdecline. However, the coal used for steelTechnology Organisation (ANSTO), the and has eclipsed even the big four banks. making is expected to remain constantCSIRO, and Geoscience Australia.The CPI (if you think it is relevant) hasfor the next few years. ANSTO has been awarded $13.9m for doubled from 73 to 136, compareda research project to accelerate the to the market capital of the resourceDecline in fossil fuel exploration indiscovery, extraction and processing of rare companies, which has increased by alast 25 years earth elements from lower gradedeposits.factor of seven ($81 to $566b)! O\x1fshore petroleum exploration has beenCSIRO has been awarded $5.2m to The resource companies are even moredeclining for the last ten years from adevelop intellectual property to support important to the Australian economypeak of $1.1b in the June quarter of 2014downstream industries to produce high now than they were in 2000, particularlyto $89m in the December quarter2023. purity metals and materials, extending in the minerals sector. Is gold the bestVenue and dates locked in forASEGs Gold remains the standard bearer. In 2000 it was US$280/oz and it is nowinaugural DISCOVER conference!US$2171/oz. Throughout the last \x1eve years the annual investment in gold1518 October 2024Wrest Point Hotel, Hobartexploration has been over one billion$A. 26 PREVIEWAPRIL 2024'