Western Australia remains the dominant destination for mining investment in Australia, attracting 66 per cent of the nation’s total mining investment in 2015-16, increasing its share from 60 per cent the previous financial year.
Australian Bureau of Statistics figures show $35 billion was invested in WA’s mining industry in 2015-16.
As of September 2016, WA had an estimated $97 billion of resource projects under construction and an additional $46 billion of possible future projects.
Mines and Petroleum Minister Sean L’Estrange said although the value of the resources industry was down 12 per cent from 2014-15, the value of the sector remained very strong at $87.9 billion in 2015-16.
“The resources industry’s current value is more than twice what it was 10 years ago,” Mr L’Estrange said.
“The Liberal National Government remains committed to fostering a strong and sustainable resources industry through policies which support mining exploration and development.”
During 2015-16, Australia attracted $1.4 billion in mineral exploration activity, with WA accounting for more than 62 per cent of this expenditure at $871 million.
Iron ore remained the State’s most valuable commodity, with iron ore sales of $48.4 billion accounting for 71 per cent of total mineral sales in 2015-16.
“We are the world’s largest exporter of iron ore and currently produce 757 million tonnes per annum,” the Minister said.
The total value of gold produced increased for the second consecutive year, to a record $10 billion. This was largely due to the price of gold rising from an average of $1,479 per ounce in 2014-15 to an average of $1,613 in 2015-16.
In July, Australia was named the most attractive region in the world for investment, according to the Fraser Institute’s annual survey of mining and exploration companies. Moving from fourth place, Western Australia was named the top destination for investment in the world.