The resources sector is reinforcing its status as the engine room of Western Australia’s economy, marking the seventh consecutive year of jobs growth with record levels of employment.
In the 2024 financial year, the state’s resources sector reached record levels of employment, with 134,871 full-time equivalent (FTE) positions, supported by $238 billion in mineral and petroleum sales.
This marks the seventh consecutive calendar year of jobs growth, with the past five years setting record highs, according to the Western Australian Government.
FTE positions in mining operations were up year-on-year for most minerals with the major movers being lithium, gold, and iron ore.
The state government says WA remains the “leading destination for exploration investment” in Australia, with the $2.58 billion spent in 2023-24 accounting for 62% of the national spend.
These funds were primarily channelled into critical minerals such as lithium, rare earths – which achieved record spending levels, nickel/cobalt, and copper.
Sales of iron ore, meanwhile, reached $142 billion supported by higher prices and record production of 866 million tonnes.
Gold sales hit an all-time high of $21 billion, driven by the highest prices ever recorded.
Despite the market headwinds for battery minerals, lithium ($8.4 billion), nickel ($3.8 billion), and copper ($1.1 billion) achieved strong sales, as did alumina ($6.6 billion), mineral sands ($1.2 billion) and salt ($814 million – the highest on record).
The petroleum sector contributed sales of $51 billion, with liquefied natural gas (LNG) the main driver with sales of $36 billion, followed by condensate at $8.4 billion, domestic gas at $2.9 billion, and crude oil at $2.5 billion.
More than $32 billion was invested in the Western Australian resources sector in 2023-24, continuing the upward trend in investment since mid-2019.
Meanwhile, there is around $50 billion worth of projects in the pipeline either committed or under construction.
Write to Angela East at Mining.com.au
Images: NRW Holdings
