State resources surge 50 per cent
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Ph: +61 (08) 9923 9211; Fax: +61 (08) 9923 9222; Email: brian.ellis@mp.wa.gov.au
Copyright Brian Ellis MLC © 2009 - 2011
WA’s resources industry is expected to grow strongly in 2011 and beyond with more than $250 billion earmarked for development and expansions in major mining and petroleum projects.
The State’s resources industry has surged almost 50 per cent in value since 2009, reaching a record $91.6 billion in 2010.
Iron ore remains Western Australia’s most valuable resource, accounting for $48.5 billion or 53 per cent of all mineral and petroleum sales in 2010.
Strong demand, especially from China, underpinned the sector’s continued record levels of iron ore shipments.
The State’s resources industry has surged almost 50 per cent in value since 2009, reaching a record $91.6 billion in 2010.
Iron ore remains Western Australia’s most valuable resource, accounting for $48.5 billion or 53 per cent of all mineral and petroleum sales in 2010.
Strong demand, especially from China, underpinned the sector’s continued record levels of iron ore shipments.
The petroleum sector, which includes crude oil, condensate, LNG, natural gas, LPG butane and propane, also performed strongly throughout 2010.
As WA’s second biggest resource sector, petroleum accounted for 25 per cent or $22.9 billion of total sales, representing a 36 per cent increase in value compared to 2009.
The gold sector also demonstrated an impressive increase of 35 per cent over the previous year, reaching $7.8 billion. This positive result was attributed to the strength of the gold price which averaged US$1,224 per ounce, an increase of 26 per cent from 2009. In response to higher prices, the output of gold increased by 25 per cent to 5.9 million ounces.
Iron ore, petroleum, and gold continue to drive strong economic growth in WA and together accounted for 87 per cent, or $79 billion, of all mineral and petroleum sales in 2010.
Continued growth in demand from major trading partners including China, Japan and the Republic of Korea pushed export earnings from the State’s resources sector to record levels, despite a strong appreciation in the Australian dollar.
As a result of increased volumes and higher commodity prices, 2010 mineral and petroleum exports accounted for 91 per cent of the State’s total merchandise export earnings which reached an impressive $100 billion for the first time.
As WA’s second biggest resource sector, petroleum accounted for 25 per cent or $22.9 billion of total sales, representing a 36 per cent increase in value compared to 2009.
The gold sector also demonstrated an impressive increase of 35 per cent over the previous year, reaching $7.8 billion. This positive result was attributed to the strength of the gold price which averaged US$1,224 per ounce, an increase of 26 per cent from 2009. In response to higher prices, the output of gold increased by 25 per cent to 5.9 million ounces.
Iron ore, petroleum, and gold continue to drive strong economic growth in WA and together accounted for 87 per cent, or $79 billion, of all mineral and petroleum sales in 2010.
Continued growth in demand from major trading partners including China, Japan and the Republic of Korea pushed export earnings from the State’s resources sector to record levels, despite a strong appreciation in the Australian dollar.
As a result of increased volumes and higher commodity prices, 2010 mineral and petroleum exports accounted for 91 per cent of the State’s total merchandise export earnings which reached an impressive $100 billion for the first time.