Iron ore spurs record resources growth

Western Australia’s mineral and petroleum sector grew 15 per cent in value last year, after a weaker Australian dollar and greater sales helped counteract falls in some commodity prices.

The sector reached a record value of $113.8 billion last year, according to the latest figures from the Department of Mines and Petroleum.

Iron ore was the most valuable resource, worth $68 billion, making up 76 per cent of mineral sales.

Strong demand and higher prices for iron ore lifted its total sales value by 29 per cent in 2013.

Gold was the second most valuable mineral commodity, with sales of $8.7 billion representing 10 per cent of total mineral sales.

This was despite gold prices being down 10 per cent in $A terms compared with 2012.

Nickel prices and sales were also down, but nickel remained the fourth most valuable sector, with sales worth $3.4 billion.

Alumina’s value was up almost 13 per cent to $4.1 billion after prices rose slightly and sales increased 6 per cent in 2013 compared with 2012.

Petroleum products – which include crude oil, condensate, liquefied natural gas and LPG (butane and propane) – made up the second most valuable sector overall, worth $24.7 billion.

Sales of petroleum products grew 1 per cent compared with the previous year.

Mines and Petroleum Minister Bill Marmion said this was due to Pluto LNG coming on stream and countering falls in the sales and volumes of crude oil and LPG.

LNG was the most valuable petroleum product, with 5 per cent more output and 18 per cent more sales volume in 2013, making it worth $13.3 billion last year.