If Australians want to gain exposure to the mining industry without directly investing in large mining companies, there are several alternative approaches they can consider. Here are some options:

1. Exchange-Traded Funds (ETFs): Invest in ETFs that track the performance of mining-related indexes. There are ETFs available that specifically focus on the materials and mining sectors. These ETFs often hold a diversified portfolio of mining-related stocks, providing exposure to the industry without relying on individual companies.
2. Junior Mining Stocks: Consider investing in junior or smaller mining companies. These companies may be involved in exploration and development, and they often have higher growth potential but also come with higher risks. Research is crucial to identify promising junior mining stocks with solid fundamentals.
3. Commodity ETFs: Instead of investing directly in mining companies, consider commodity ETFs that track the prices of specific metals or minerals. For example, there are ETFs that track the performance of gold, silver, or other commodities. This provides exposure to the underlying commodities without the need to invest in individual mining companies.
4. Royalty and Streaming Companies: Explore royalty and streaming companies in the mining sector. These companies provide funding to mining operations in exchange for a share of future production or revenue. Investing in royalty and streaming companies can offer a unique way to gain exposure to mining without holding traditional mining stocks.
5. Mining Services and Equipment Companies: Look for companies that provide services, equipment, or technology to the mining industry. These companies can benefit from increased activity in the mining sector without being directly tied to the price fluctuations of commodities. Examples include companies involved in drilling, equipment manufacturing, or technology solutions for the mining industry.
6. Global Mining ETFs: Consider global mining ETFs that provide exposure to mining companies worldwide. This approach can offer geographic diversification and may include exposure to smaller mining companies that are not as well-known but still play a significant role in the industry.
7. Managed Funds: Explore managed funds or mutual funds that focus on the mining sector. Professional fund managers can actively manage the portfolio, making decisions based on market conditions and company fundamentals.

Before making any investment decisions, it’s essential for individuals to conduct thorough research, understand the risks associated with each investment option, and consider consulting with financial professionals. Additionally, investors should be aware of their risk tolerance, investment goals, and time horizon when building a diversified portfolio.