Western Australia continues to lead Australia’s resources sector
Western Australia has maintained its title as Australia’s top resources exploration and investment state, attracting 65 per cent of the nation’s total mineral exploration expenditure. The mineral and petroleum industry in Western Australia recorded s $94.8 billion in sales in 2016, according to recent data from the WA Department of Mines and Petroleum (DMP), which is a four per cent increase from 2015.
Although mainly due to increases from major commodities the state’s mineral commodities lead the resources industry, accounting for 79 per cent, or $74.9 billion, of the total sales value. Iron ore remains the state’s most valuable commodity, and in the petroleum sector, liquefied natural gas (LNG) was the highest performing commodity.
The value of the gold sector grew by 10 per cent in 2016 to reach $10.6 billion; attracting 48 per cent of the state’s total mineral explorations spend. Western Australia currently have an estimated $101 billion worth of resource projects in development with an additional $52 billion of planned projects on the way.