日经特写：澳洲铜矿受EV与数据中心需求驱动景气向好，煤炭在碳监管下挣扎——但无新增公司级催化

SYDNEY -- A look at Australia's resource sector shows the divergence afoot in the industry, with copper continuing to see strong investment thanks to electric vehicles and data centers, while coal operators respond to a recent surge in demand under the shadow of a shrinking industry.
The CSA copper mine -- located in the New South Wales outback town of Cobar and owned by South African company Harmony Gold Mining -- began operations in the 1960s and extends about 2 kilometers underground, making it one of Australia's deepest copper mines.
Its current annual production of roughly 30,000 metric tons is expected to be increased to around 40,000 tons within the next three to four years. Copper is used in electrical wiring and semiconductor devices, and demand from EVs and data centers is expected to continue growing. International copper prices hit a record high in September.
Despite the strong demand, labor shortages and tough conditions persist as challenges for the copper industry.
Once workers enter the mine, they spend 12 hours underground, eating meals in underground break areas. Their schedule consists of seven days on and seven days off. Recruiting skilled operators for heavy machinery and other positions is difficult, given the remote locations and working conditions deep below the surface.
On a recent visit, some workers at CSA could be seen remotely operating underground machinery from the surface in real time. Such technology becoming more widespread could help mines recruit for surface-based roles with better working conditions.
Replacing dust-laden air generated by mining with fresh air from outside is the lifeline of any underground mine.
At CSA, an expansion of deeper deposits is planned in a bid to stave off the depletion of reserves, currently estimated at around 12 years from now, for a further 12 years. The company plans to invest in ventilation systems alongside exploration efforts.
At the opposite end of the spectrum from copper stands coal, which emits large amounts of carbon dioxide when burned for power generation, as well as greenhouse gases trapped within coal seams during mining.
Roughly 400 kilometers southeast of Cobar lies Mudgee, a wine-producing region in central-western New South Wales that is also known as a hub for large coal mines. Coal produced there is transported by rail to the Port of Newcastle on the state's eastern coast and exported to Japan and other Asian consumers.
Moolarben, the largest mine operated by Yancoal Australia, is the second-largest coal mine in the country and produces primarily thermal coal used for power generation.
Trucks can be seen moving throughout the site spraying roads to prevent dust from spreading to nearby communities. Extracted coal is carried from the enormous open-pit mine by conveyor belt to enormous stockpiles.
Moolarben began operations in 2010 and produces more than 20 million tons annually. Yancoal operates multiple mines, with total Australian production of around 70 million tons per year. China was the destination for 31% of the company's exports by volume in 2025, followed by Japan at 27% and Taiwan at 12%.
Australian coal continues to support electricity demand across Asia, but the industry faces mounting challenges.
One is stricter carbon emissions regulations. In 2023, the Australian government cracked down on large emitting facilities, requiring emissions caps to be reduced by 4.9% each year.
Companies that exceed their limits must purchase carbon credits to offset excess emissions. Rising demand has pushed up credit prices, forcing businesses to continue reducing carbon output.
Moolarben has introduced more fuel-efficient trucks and other measures. As a single large-haul truck consumes about 5,000 liters of diesel per day, even modest improvements in fuel efficiency can have a substantial impact.
Yancoal's greenhouse gas emissions fell 1.3% on the year to about 346,000 tons of CO2 equivalent in the 2024-25 fiscal year. Across New South Wales, net emissions from the coal industry have fallen 35% from 2005 levels.
Obtaining government approvals has also become more difficult. Moolarben's current mining authorization from New South Wales expires in 2038. The company applied to expand its mining area three years ago in hopes of extracting more coal before then, but no decision is yet in sight.
Pressure on coal has intensified as calls for stronger climate action and a transition to renewable energy have grown globally. Yet after Russia's invasion of Ukraine in 2022 and this year's Middle East crisis drove up oil and natural gas prices, coal regained attention as an alternative energy source.
Global coal demand in 2026 is expected to rise 1.2% year-on-year to a record 8.94 billion tons, according to the International Energy Agency.
Australia imposes strict environmental regulations on mining companies, including requiring them to restore land after mining operations end.
Even if the global coal industry shrinks in the future, Australia should be one of the final countries continuing to produce coal because of its strict regulations, a Yancoal representative said.