WA’s resources sector delivers remarkable results

WA delivers record $254 billion of mineral and petroleum sales in 2022-23
Date: Friday, 10 November 2023
  • LNG sales skyrocket to $56 billion
  • Lithium becomes WA’s second most valuable mineral, after iron ore
  • Sector achieves sixth consecutive year of jobs growth

Western Australia's resources sector delivered record sales of $254 billion in 2022-23 and supported the sixth consecutive year of jobs growth.

The Department of Mines, Industry Regulation and Safety data revealed resources sales were up $20 billion on 2021-22, smashing the previous record of $251 billion set in the 2022 calendar year.

The sector also broke employment records with more than 126,480 full time workers in WA.

Iron ore continued its dominant position with historically high sales of $125 billion supported by record production of 861 million tonnes.

Lithium (spodumene concentrate) achieved all-time high sales of $21 billion on the back of record prices and expanding production, making it WA’s second most valuable mineral.

The value of Liquefied Natural Gas (LNG) surged to $56 billion, almost $18 billion more than 2021-22, and $2 billion more than the previous high set in 2022.

Gold (a record $18.6 billion), nickel ($5.7 billion, among the highest levels in the past 15 years), domestic gas (an all-time high of $2.5 billion) and salt sales (a record $714 million) all reflected the strength of the resources sector.

The value of some other major commodities remained steady including condensate ($8.6 billion), alumina ($6.7 billion), and mineral sands ($1.4 billion).

Investors poured more than $27 billion into mining and petroleum projects, the highest level of investment for a calendar or financial year since 2015-16.

Mineral exploration expenditure in WA was valued at $2.5 billion, a new financial year high. Gold, iron ore and critical minerals were all popular targets.

For more information on the latest statistics, visit http://www.dmp.wa.gov.au/About-Us-Careers/Latest-Statistics-Release-4081.aspx

Comments attributed to Premier Roger Cook:

"WA jobs are our number one priority, and our resources sector continues to underpin our State’s economic strength.

"Every Western Australian can be proud of the success of our resources sector, and the massive contribution it makes to the national economy.

"As the world moves to a low-carbon future, we’re positioning WA as a renewable energy powerhouse – and our record lithium sales show we’re on the right track.

Comments attributed to Mines and Petroleum Minister Bill Johnston:

"WA’s resources sector continues to underpin our State’s success as one of the fastest growing developed economies over the past 20 years.

"It’s especially pleasing to see that investors continue to view WA as a stable, reliable and forward-looking business partner.

"The future looks promising too, our world-class resources sector has an estimated $55 billion worth of projects under construction or committed in WA."