The Western Australian (WA) resources sector has recorded $254 billion in revenue for 2022-23, marking the sixth consecutive year of job growth, the State Government reported.
The Department of Mines, Industry Regulation and Safety unveiled a $20 billion increase in resources sales from 2021-22, surpassing the previous record of $251 billion set in 2022.
According to the State Government, the WA resources sector also set employment records with over 126,480 full-time workers in the State.
Premier Roger Cook said the State prioritises job creation and economic growth, highlighting the importance of the WA resources sector in sustaining the economy.
“As the world moves to a low-carbon future, we’re positioning WA as a renewable energy powerhouse — and our record lithium sales show we’re on the right track,” Premier Cook stated.
Iron ore maintained its dominant position with record-high sales of $125 billion, supported by a record production of 861 million tonnes.
Meanwhile, lithium reached an all-time high of $21 billion due to record prices and increased production.
The value of Liquefied Natural Gas (LNG) increased by nearly $18 billion from 2021-22 and $2 billion from the previous high set in 2022.
Additionally, the resources sector experienced significant growth, with gold, nickel, domestic gas, and salt sales reaching record highs, showcasing the sector’s strength.
Major commodities like condensate, alumina, and mineral sands have maintained their value at $8.6 billion, $6.7 billion, and $1.4 billion, respectively.
The DMIRS has also reported an investment of $27 billion into mining and petroleum projects, marking the highest level of investment in a financial year since 2015-16.
WA’s mineral exploration expenditure reached a new financial year high of $2.5 billion, with gold, iron ore, and critical minerals being popular targets.
“WA’s resources sector continues to underpin our State’s success as one of the fastest growing developed economies over the past 20 years,” Mines and Petroleum Minister Bill Johnston said.
“The future looks promising too, our world-class resources sector has an estimated $55 billion worth of projects under construction or committed in WA.”
