WA remains Australia’s top resources destination
PERTH (miningweekly.com) – More than half of Australia’s mining investment expenditure was invested into Western Australia during 2014, Mines and Petroleum Minister Bill Marmion announced on Monday.
The value of Western Australia’s resources sector reached A$114-billion during the full year, eclipsing 2013’s value by A$200-million. Iron-ore and gold jointly accounted for 85%, or A$73.7-billion, of the value of mineral sales during the year.
While iron-ore sales still accounted for some 75% of all minerals sold during 2014 from Western Australia, sales value for the year fell by A$3-billion compared to 2013, to A$65-billion, as a result of the declining iron-ore price.
“Western Australia’s leading position is backed by the certainty and stable investment environment resulting from the state government’s long-running regulatory improvement programme,” Marmion said.
“We’ve removed barriers to investment and prioritised safety, environmental and approvals reforms.”
Marmion noted that although recent falls in commodity prices have caused some companies to re-evaluate their investment position, the resources sector was set to continue playing a dominant role in the Western Australian economy.
“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% in 2014 compared to 2013. It includes crude oil, condensate, LNG, natural gas and liquefied petroleum gas, and was valued at A$27.6-billion in 2014.
By the end of March this year, Western Australia had an estimated A$179-billion in mining and petroleum resource projects under construction or committed, with a further A$118-billion worth of planned or potential projects.
Western Australia is the only Australian state or territory to make it to the top ten ranking in Canada’s Fraser Institute's latest survey of investment attractiveness, featuring jurisdictions such as Saskatchewan, Nevada, Manitoba, Quebec, Wyoming, Newfoundland & Labrador, Yukon and Alaska.
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