Australia Gas Mining Companies Get Windfall $40 Billion ‘War Profits’ Surge

A 450 megawatt combined cycle gas-fired power station under construction at Citic Pacific Mining's Sino Iron magnetite iron ore project in the Pilbara region of Western Australia on Mar. 5, 2010. Photo credit should read AMY COOPES/AFP via Getty Images

Australia’s gas giants are raking in the profits from the war in Ukraine, according to the independent Australia Institute.

Liquefied natural gas (LNG) profits were up to $40 billion extra in the 2021/22 reporting year, with almost no increase in the cost of production, according to research released on Wednesday.