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Mining has long been a leading source of income for Australia’s west coast, and now new research from analyst firm IBISWorld has indicated the state is heading towards a new mining peak. Scarlett Evans looks at the projects driving the region’s mining sector, and the obstacles still faced in its ascent.
Western Australia (WA) is a world leader in the production of minerals and petroleum commodities, with these sectors bringing in 92% of the state’s income from merchandise exports between 2015 and 2016.
Figures from the Government of Western Australia show that between 2017 and 2018, the mining industry accounted for 30% of WA’s gross state product – and the sector is only anticipated to continue growing, with an influx of investments coming in over the past two years and record sales figures between 2017 and 2018.
Research from analyst firm IBISWorld says the sector is likely heading for a return to peak conditions seen prior to 2011-2012, with iron ore, lithium, liquefied natural gas (LNG), gold and battery minerals identified as the areas with most lucrative growth potential. But just what does the future of WA’s mining sector look like?
The only way is up
According to Jeff Haworth, Executive Director of Geological Survey and Resource Strategy for the Department of Mines, Industry Regulation and Safety, as of March this year “WA has a pipeline of resource projects worth an estimated $112bn, representing an increase of almost $5bn from the September 2018 estimate.”
The state’s continued dominance is an exception to the country’s wider mining landscape, as overall mining investment has been declining since its 2012 peak. By contrast, it has remained at a steady 52% in WA and minerals exploration expenditure has in fact grown, rising by 16% in 2017-2018.
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