- 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.
