WA’s mining sector continues to impress in the latest release of the Fraser Institutes Annual Survey of Mining Companies. The Fraser Report aims to provide information on how the availability of minerals and certain government policies influence the decisions of mining and exploration companies when it comes to investing in new exploration projects. WA remains to be one of the most attractive locations for companies wishing to invest.
Record-breaking Sales and Job Creation in WA’s Mining Industry
Western Australia’s mining industry set records in job creation and sales, reaffirming its position as a driving force in the national economy. The industry generated a record $246 billion in sales, a $15 billion increase from the previous year. Employment reached a peak of 117,970 full-time equivalent jobs. Key highlights include historically strong sales of iron ore at $126 billion, spodumene concentrate sales reaching $16.3 billion, and record LNG production valued at $51 billion. Gold, nickel, and alumina also achieved significant sales. Exploration expenditure amounted to a record-breaking $2.54 billion, with a focus on critical minerals such as nickel-cobalt, copper, lithium, and rare earth elements.
Western Australia’s World Dominance
Western Australia remained the top destination for exploration investment, accounting for 63% of the national spend. The mining and petroleum sector saw continuous investment growth, with approximately $26 billion invested in the state in 2022. Ongoing construction and committed projects had an estimated capital cost of $60 billion.
Source: DMIRS, The Fraser Report, WA Gov