The performance of the Australian mineral industry in 1985-86 was again adversely affected by low commodity prices and tight market conditions. This is shown in a survey conducted by chartered accountants Coopers and Lybrand and published by the Australian Mining Industry Council (AMIC). In a preface to the report, the president of AMIC (Sir Bruce Watson) said: In just 10 years the minerals industry has emerged as Australia's major exporter, accounting for over 40% of total Australian exports of goods. This preeminent ranking has depended on a significant investment effort, and in the creation of a very large asset base. Financing this investment, and achieving the cash flow necessary to service it, are enormous tasks.