New figures from the WA Department of Mines and Petroleum have highlighted the value of the state’s resources industry.
In statistics released today, the WA DMP said the industry was valued at $99.5 billion in 2014-15. Iron ore was the highest rated commodity, worth $54 billion in sales to Western Australia. This was despite falling Chinese demand for the metal.
“Western Australia produced 719 million tonnes of iron ore in 2014-15, a 15 per cent increase compared to the previous year, however the low iron ore price resulted in a decrease in the total value of sales,” WA DMP general manager for policy and co-ordination Richard Borozdin said.
Gold brought $9 billion worth of sales into the state, an increase of 1.5 per cent year on year.
Alumina was the third most value commodity to WA, reaching more than $5 billion in value, a 20 per cent jump compared to the previous corresponding period, which was buoyed by the weak Australian dollar.
The energy sector brought he second highest valuation to the state, worth $24 billion overall, although this was a nine per cent decrease on previous figures.
A collapsing oil price was the main driver behind this, despite no major fall in actual sales.
LNG was the most valuable petroleum product for WA, recording $13.8 billion in sales.
It is likely to become even more valuable to the region as the state sees the ramping up of floating LNG projects in the Browse Basin, following environmental approvals for new developments.
In line with the rest of the mining slump, the value of the industry dropped by 20 per cent, following the record 2013-14 period.
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