The Western Australia’s mineral and petroleum industry has been valued at $121.6bn for the period of 2013 to 2014, according to the Department of Mines and Petroleum (DMP).
This value represents a rise of around 20% on last year and DMP’s figures reveal that iron ore has remained the highest valued resource, with a record $73.7bn in sales.
According to the DMP, project expansions and a strong demand from China has resulted in a 23% increase in iron ore exports to 631 million tonnes.
Gold, copper, lead, salt and diamonds also experienced significant increases between 2013 and 2014. Gold sales totalled $8.8bn, making it Western Australia’s second most valuable source, followed by alumina at $4.2bn and nickel at $3.5bn.
DMP said that Western Australia continues to be the country’s leading mining investment destination, attracting 52% of the entire national capital spending of $90bn.
The new capital expenditure by the state’s mining sector has increased at an annual rate of 15% during the five years up to 2013.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Western Australia had an estimated $160bn worth of resource projects under construction or in the committed stage of development as at September this year. A further $108bn has been allocated to planned or possible projects in the next few years.
Mineral and petroleum exports totalled about 90% of total merchandise exports in the state. These represent the major contribution to Western Australia’s 48% share of the nation’s total merchandise exports.
China remains the reion’s major trading partner purchasing 54% of merchandise exports, followed by Japan at 18% and South Korea at 8%.
Image: Western Australia’s mineral and petroleum industry is valued at $121.6bn for 2013 to 2014. Photo: courtesy of the Government of Western Australia.