The resources industry of Western Australia has reported a record $246 billion sales for 2022, with critical minerals exploration a key factor in delivering more jobs than ever before.
The latest annual data released by the Department of Mines, Industry Regulation and Safety (DMIRS) shows resources sales for 2022 were up $15 billion from 2021.
Western Australia remained the leading destination for exploration investment in Australia, accounting for 63 per cent of the national spend. The state’s exploration industry expanded in 2022 with a record-breaking total expenditure of $2.54 billion. Investment in the search for critical minerals was key, with nickel-cobalt exploration seeing $267 million, copper receiving $195 million, and other minerals, namely lithium and other rare earth elements receiving $293 million.
Investment in the mining and petroleum sector reached almost $26 billion in the Western Australia last year, meaning the state has now seen 14 continuous quarters of increased investment spending.
Employment in the mining industry was at a record 117,970 full-time equivalent (FTE) jobs in the 2021-22 financial year.
Despite lower prices, the iron ore industry achieved strong sales of $126 billion on record production of 855 million tonnes.
Spodumene concentrate was also at an all-time high with sales of $16.3 billion, which is six times the amount recorded in 2021. Gold continued to shine with record sales of $17.8 billion, with nickel sales of $5.7 billion the highest in 15 years, and alumina delivering sales of $6.9 billion.
High global prices and local production translated into record LNG production valued at $51 billion – almost $24 billion more than the LNG produced in 2021.
Domestic gas and condensate delivered best ever sales of $2.2 billion and $9 billion respectively, while crude oil sales returned an eight-year high of $4.1 billion.
Western Australia Mines and Petroleum Minister, Bill Johnston, said, “Western Australia’s resources sector has delivered yet another exceptional performance and we are running out of superlatives to describe these record-breaking results.
“Creating and supporting jobs is one of the gGovernment’s top priorities, so it’s great to see there is now more employment in the resources sector than ever before.
“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.
“The strong interest in the search for critical minerals is encouraging as the gGovernment is working hard to ensure Western Australia plays a central role in decarbonising the world’s economies.”
Projects in the state under construction or committed had an estimated capital cost of $60 billion.
