The future of Australia’s mining industry is in doubt, according to some of the country’s top mining executives.
In an exclusive interview with Business Insider, Nick and I have the scoop on what we know and don’t know about the future mining industry in Australia.
This story is part of the Next Big Thing series.
Read more from Next Big Things.
The industry has seen several setbacks, but mining companies have always thrived, even if they have faced many challenges over the years.
“In the past, you have always had this great industry in mining, and then you see all these problems that come along with it,” Nick told Business Insider.
“The last 10 years has been kind of a roller coaster, you know?
We have had a number of problems in the mining sector in Australia and I think that is what has driven the decline in the industry, but that is also what is driving the growth in other parts of the world as well.”
Nick said Australia’s economy was facing a challenge in the form of the rise of digital technology.
“I think we are going to be seeing a big transition to digital mining and I know we will see that in the future,” he said.
“It is something that will drive the mining industry, I think it is going to drive the industry more.”
Australia’s mining sector is expected to grow by over 60% by 2026, with the industry accounting for almost two-thirds of all mining jobs in the country.
Nick said the mining boom would take many years to really take off, but he believed the industry was set to thrive for another 20 years.
He said Australia was on the cusp of one of the biggest and most significant mining-driven economic booms in Australian history.
“We are in the midst of one that is probably going to go on for a very long time,” he told Business Intern.
“If you take a look at the past decade, it has seen this incredible mining boom.
The Australian economy is going through some amazing transformations, and we are in a position to be very much on the cutting edge of this transformation.”
Nick told Business Insiders that while he was happy to see Australia’s future, he believed it was not ready yet for a mining boom that would push it into a different economic and social place.
“There is so much work to do and so much opportunity that we are taking,” he explained.
“For the first time in our history, Australia has a strong, stable and diverse economy, and I am very optimistic that we can all continue to grow.”
He said he hoped that in 20 years, the mining economy would look very different from how it does today.
“Australia has had an amazing mining boom and I want to see it continue for a long time and it’s going to take a long, long time, but it is in a much stronger place than it was 10 years ago.”
Nick is currently chairman and chief executive of Genesis Mining Australia.
The company was founded in 2014 and is Australia’s largest privately owned gold mine.
In addition to his work as chairman and CEO, Nick is a former chief executive officer of Anglo American, a major international company.
He is a shareholder of Goldfields Mining Australia, a gold mining company which has the potential to be Australia’s biggest private gold mining operation.
Nick told us he was not concerned by a slowing mining boom in Australia, which he believed was due to the fact that mining was still profitable.
“When the mining market starts to slow down, it is a good thing because that means there is a higher price for mining,” he added.
“But we are not going to see the big mining boom as it is currently occurring because we have a number or the whole industry is so far out of control.”
What’s in your inbox?
Sign up to our newsletter to receive the next Big Thing in your field.
Read more:The mining industry has been booming for the past few decades, and Nick said the industry has a long way to go to catch up with what it used to be.
“People will be saying, ‘Wow, it’s amazing what the mining companies are doing now,’ and I would argue that it has been a phenomenal growth for Australia, but I am also very optimistic about what the future holds,” he shared.
Nick also said there was a big opportunity for Australia to export its energy production to other countries, which could help boost the economy.
“A lot of the energy that we export, it comes back into the country and then it is exported to China and other places,” he continued.
“So the energy is actually getting exported to those countries and then we can export it to Australia and the energy becomes more affordable.”
Nick and I spoke to a number mining companies over the past year, and some are optimistic about the coming years.
However, Nick warned that the industry will be a challenge to compete with other sectors of the economy and to compete against other global players in the long