New data from the Department of Mines and Petroleum shows the mineral and petroleum industry reported sales of $94.8 billion in 2016 which is an increase of four per cent from 2015.
Mineral commodities accounts for $74.9 billion of the total sales value with iron ore remaining Western Australia's most valuable commodity. The value of WA’s gold sales rose by 10 per cent to reach $10.6 billion. The United Kingdom is WA’s second largest export market for gold.
The Western Australian resources sector also continues to lead the nation in exploration and investment activity, with the State attracting a record 65 per cent of Australia's total mineral exploration expenditure.
Liquefied natural gas was the stand-out commodity in the petroleum sector, accounting for 67 per cent of the $19.8 billion petroleum sales. The WA Department of State Development expects WA’s LNG production capacity to grow from 27 million tonnes a year in 2015-16 to 49.9 million tonnes a year by the end of 2017-18 when the Gorgon, Wheatstone and Prelude projects are complete.
"Despite a decrease in national expenditure, WA continues to attract the majority share of mineral and petroleum investment, and exploration activity,” said Mines and Petroleum Minister Bill Johnston.
To read the full Western Australia Economic Profile for March 2017 click here.