WA resources industry remains top performer

Hon Norman Moore BA DipEd
JP MLC

• WA attracts 55% of Australia’s total mining investment spending $82billion
• State accounts for 46% of national merchandise exports
• WA equivalent to all contributions from NSW, Victoria and Queensland

Mines and Petroleum Minister Norman Moore today announced that Western Australia’s continued stellar results, as evidenced by new record-breaking resources industry statistics in the State Government’s 2011-12 Mineral and Petroleum Statistics Digest.

The annual publication, which provides an in-depth overview of the WA resources industry, shows WA returned exceptional resources sales of $106billion.

Mineral exploration expenditure increased to an all-time record of $2.1 billion - a jump of 32 per cent from 2010-11 and 150 per cent from five years ago.

Mr Moore said iron ore remained the State’s most valuable sector with $61.1billion in sales, while petroleum delivered $23.8billion and gold $9.3billion. Other highlights of 2011-12 included mineral and petroleum exports accounting for 91 per cent of the State’s merchandise exports earnings.

“West Australians also directly benefited from the $5.3billion paid in royalties to the State Government in 2011-12, which is ultimately used to fund crucial areas such as education, health and infrastructure,” he said.

As one of the great mineral provinces of the world, WA, in 2011-12, hosted 65 operational oil and gas fields and 975 operating mines, producing more than 50 different minerals.

“These latest figures can be attributed not only to the sheer wealth of resources, political stability and sound regulation in WA, but also to the Liberal National Government’s tireless work when it comes to positioning the State as a destination of choice for responsible resources exploration and development,” the Minister said.

“One of the Government’s major aims is to attract investment through initiatives such as the Exploration Incentive Scheme’s Co-Funded Drilling Program, supported by the Royalties for Regions program, which covers up to 50 per cent of successful candidates’ drilling costs.

“The State Government also approved the average mine in a 28-month time period in the past four years, which is definitely helping projects get off the ground.”

Fact File

• Liberal National Government providing $138.1million to Exploration Incentive Scheme (EIS) from 2008-09 to 2015-16
• Current State Budget provides $8million in funding to approvals reforms until mid-2014
• View 2011-12 Mineral and Petroleum Statistics Digest at http://www.dmp.wa.gov.au/1088.aspx

Source: ProjectLink.com.au

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