12 November 2024

Surging prices for South Australia’s in-demand mineral resources have delivered bumper royalty receipts for the 2023/24 financial year, breaking through $400 million for the first time.

Royalty receipts for 2023/24 totalled a record $422.5 million - a $43.3 million increase over FY 2022/23's revenue of $379.2 million, representing a year-to-year increase of around 11%.

South Australia benefited from strong growth in prices for copper, gold and uranium. Much of this year's record growth has come from some of the minerals considered essential to renewable energy and other technologies that will help decarbonise the global economy, including copper.

Copper is absolutely critical for electrification, and global demand is forecast to outstrip supply in coming years. This represents a significant opportunity for South Australia, which is home to 69% of the nation’s copper resources.

In the 12 months to September 2024, refined copper and copper products represented 15% of the state’s total exports, at $2.7 billion – up 9% on the previous 12 month period. Resources accounted for 39% of South Australia’s $17.6 billion goods exports.

Forecasts for future royalty receipts will be announced in the Mid-Year Budget Review to be handed down in December.