A snapshot of the state’s resources sector illustrates how strongly miners performed through the pandemic.
Mines and Petroleum minister Bill Johnston released his department’s annual “Digest” in parliament today, which reveals mineral and petroleum sales soared to $210 billion. That is a $33 billion jump on the previous year’s sales.
The sector employed 149,400 in 2020-21, which was also a record figure.
“The result was driven by higher iron ore sales valued at a massive $155 billion on the back of all-time record iron ore prices,” Mr Johnston told parliament. “Gold sales were valued at $16.6 billion with the price of gold reaching record levels. Alumina and bauxite sales were valued at $5.6 billion on the back of record sales values, while nickel sales were valued at $3.5 billion as prices increased.”
That represents the nickel industry’s highest sales in seven years.
The statistics also showed rises in the price of liuthium.
“The future also looks bright with mineral exploration expenditure in Western Australia valued at $2.1 billion in 2020-21,” Mr Johnston said. “That’s an increase of 21 per cent from $1.7 billion in 2019-20 and its highest level since 2012. It is pleasing to see an increasing number of applications pursuing rare earths, through the latest round of the State Government’s Exploration Incentive Scheme co-funding drilling program.”
Investment in the mining and petroleum sector tose from $19 billion in 2019-20 to $1 billion and there is around $127 billion worth of resources projects in the pipeline
