Photo by: Bloomberg
PERTH (miningweekly.com) – Western Australia’s resource industry exports reached a record high of A$246-billion in 2022.
Resources sales for 2022 were up A$15-billion from 2021 based on annual data released by the Department of Mines, Industry Regulation and Safety (DMIRS).
Employment in the mining industry continued its remarkable run with a record 117 970 full-time equivalent (FTE) jobs in the 2021/22 financial year.
“Western Australia's resources sector has delivered yet another exceptional performance and we are running out of superlatives to describe these record-breaking results,” said Mines and Petroleum Minister Bill Johnston.
Although down owing to lower prices, the iron-ore industry achieved historically strong sales of A$126-billion on record production of 855-million tonnes.
Spodumene concentrate was also at an all-time high with sales of A$16.3-billion, which is six times the amount recorded in 2021. High global prices and local production translated into record liquefied natural gas (LNG) production valued at A$51-billion, which was almost A$24-billion more than the LNG produced in 2021.
Domestic gas and condensate delivered their best-ever sales of $2.2-billion and $9-billion respectively, while crude oil sales returned an eight-year high of $4.1-billion.
Gold continued to shine with record sales of A$17.8-billion, nickel sales of A$5.7-billion were the highest in 15 years and alumina delivered sales of A$6.9-billion.
Activity in Western Australia's exploration industry continued to grow in 2022 with record-breaking expenditure of A$2.54-billion. Spending on the search for critical minerals continued to impress with nickel/cobalt reaching A$267-million, copper reaching A$195-million, and 'other minerals' which are dominated by lithium and rare earth elements, recording A$293-million.
Western Australia remained the leading destination for exploration investment in Australia, accounting for 63% of the national spend.
Investment in the mining and petroleum sector continued its outstanding run with almost A$26-billion invested in the state last year. Western Australia has now seen 14 continuous quarters of increased investment spending.
Projects under construction or committed had an estimated capital cost of A$60-billion.
“Investment in the sector and project construction will continue to deliver benefits to local communities and underpin economic growth in regional Western Australia for years to come,” said Johnston.
“The strong interest in the search for critical minerals is encouraging as the government is working hard to ensure Western Australia plays a central role in decarbonising the world's economies.”