Over half the money spent on exploration in Australia in 2014 ended up in Western Australia, according to that state’s Mines Minister, Bill Marmion.
In a statement released today, the Minister said the state’s mineral and petroleum industry in 2014 was worth $114 billion, up $200 million on 2013 figures.
Iron ore and gold accounted for $73.7 billion (85 per cent) of mineral sales.
“WA’s leading position is backed by the certainty and stable investment environment resulting from the State Government’s long-running regulatory improvement program,” Mr Marmion said.
“We’ve removed barriers to investment and prioritised safety, environmental and approvals reforms.”
“There are a number of projects, particularly in iron ore and liquefied natural gas (LNG), that are currently being developed or expanded,” the Minister said.
The value of the petroleum sector, in particular, increased by almost 12 per cent in 2014 compared to 2013. It includes crude oil, condensate, LNG, natural gas and LPG (butane and propane) and was valued at $27.6 billion in 2014
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