23/09/2019 - 14:07

Record WA iron ore and gold sales

23/09/2019 - 14:07

Bookmark

Upgrade your subscription to use this feature.

A resurgent iron ore price and a record $A gold price underpinned a $30 billion increase in Western Australia's mineral and petroleum sales for the 2019 fiscal year, according to the state government.

Record WA iron ore and gold sales
Bill Johnston says the figures reflect the strength of the McGowan government's commitment to supporting industry investment in WA

A resurgent iron ore price and a record $A gold price underpinned a $30 billion increase in Western Australia's mineral and petroleum sales for the 2019 fiscal year, according to the state government.

The Department of Mines Industry Regulation and Safety's latest statistics revealed that WA iron ore sales reached a record high of $78.2 billion, a rise of 26 per cent on the 2018 financial year.

This was largely achieved on a substantial spike in iron ore prices at the tail end of the financial year, due to a dam collapse in Brazil that significantly affected the output of Vale, which is the world’s largest producer of iron ore.

The volume of iron ore sold from WA actually declined from 839 million tonnes to just less than 794mt.

Additionally, by the first quarter of this financial year, Vale’s output has recovered and iron ore prices have slumped accordingly.

Gold sales increased to around $12 billion, a 5 per cent rise on the prior corresponding period, which stemmed from a record Australian dollar gold price due to global trade war tensions and a favourable $US to $A exchange rate.

However, gold sales volume decreased for the first time since 2014–15.

Alumina and bauxite sales also reached a record, at $8.3 billion.

LNG sales increased more than 50 per cent to reach almost $29 billion.

Overall, WA sales reached $145 billion, and the average number of individuals employed in the WA minerals sector in 2018-19 was 124,010.

This was up from 112,008 the previous year and is a new record, according to the state government.

Mines and Petroleum Minister Bill Johnston said the figures reflected the strength of the McGowan government's commitment to supporting industry investment in WA and creating jobs.

"Interest and investment in the resources sector remains strong, WA projects in the pipeline had an estimated value of $108 billion in September 2019," he said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options