Western Australia Mineral And Petroleum Industry Up 4 % Since 2015

Western Australia Mineral And Petroleum Industry Up 4 % Since 2015

Western Australia Minister for Mines and Petroleum Bill Johnston

Western Australia Remains At The Top Of Australia’s Resources Sector

Victor P Taffa

  • Mineral and petroleum industry reported sales of $94.8 Billion in 2016
  • Iron ore remains Western Australia’s most valuable commodity

Western Australian resources sector continues to lead the nation in exploration and investment activity, with the State attracting a record 65 % of Australia’s total mineral exploration expenditure.

“Despite a decrease in national expenditure, Western Australia continues to attract the majority share of mineral and petroleum investment, and exploration activity.” Minister for Mines and Petroleum Bill Johnston said.

According to new data from the Department of Mines and Petroleum, the mineral and petroleum industry reported sales of $94.8 Billion in 2016 an increase of 4 % from 2015.

 

Improvement from last year is largely on the back of increases from major commodities including iron ore, gold and several petroleum products.

“Value of the gold sector grew by 10 % in 2016 to reach $10.6 Billion.” Mr. Johnston said.

Mineral commodities dominate the industry accounting for 79 %, or $74.9 Billion, of the total sales value.

Liquefied natural gas was the stand-out commodity in the petroleum sector, accounting for 67 % of the $19.8 Billion petroleum sales.

A price surge in the fourth quarter resulted in an 8 % increase in iron ore sales for 2016, which totalled $54 Billion.