WA the nation’s top mining investment destination

 

Western Australia remains the dominant destination for mining investment in Australia, attracting 66 per cent of the nation’s total mining investment in 2015-16, increasing its share from 60 per cent the previous financial year. Australian Bureau of Statistics figures show $35 billion was invested in WA’s mining industry in 2015-16.

As of September 2016, WA had an estimated $97 billion of resource projects under construction and an additional $46 billion of possible future projects. Mines and Petroleum Minister Sean L’Estrange said although the value of the resources industry was down 12 per cent from 2014-15, the value of the sector remained very strong at $87.9 billion in 2015-16. “The resources industry’s current value is more than twice what it was 10 years ago,” Mr L’Estrange said. “The Liberal National Government remains committed to fostering a strong and sustainable resources industry through policies which support mining exploration and development.”

During 2015-16, Australia attracted $1.4 billion in mineral exploration activity, with WA accounting for more than 62 per cent of this expenditure at $871 million.

Iron ore remained the State’s most valuable commodity, with iron ore sales of $48.4 billion accounting for 71 per cent of total mineral sales in 2015-16. Western Australia is the world’s largest exporter of iron ore, currently producing 757 million tonnes per annum. LNG was the State’s second most valuable commodity in 2015-16 with sales of $10.8 billion. 

At the same time, the total value of gold produced increased for the second consecutive year, to a record $10 billion. This was largely due to the price of gold rising from an average of $1,479 per ounce in 2014-15 to an average of $1,613 in 2015-16.