20/01/2006 - 12:56

WA resources sector worth $33.2bn in 2004-05: DoIR

20/01/2006 - 12:56

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The resources sector in WA continues its upward trajectory with new statistics showing the industry was worth $33.2 billion in 2004-05 - an increase of over 25 per cent on the previous financial year.

The resources sector in WA continues its upward trajectory with new statistics showing the industry was worth $33.2 billion in 2004-05 - an increase of over 25 per cent on the previous financial year.

The Department of Industry and Resources' statistics show the total value of the state's mineral and petroleum sales increased by $6.8 billion in 2004-05.

Major contributors to the increase were the state's iron ore and oil and gas industries with surging demand in China, resulting in increased exports. With growth in value of 56 per cent for iron ore and 32 per cent for petroleum, these two commodities contributed over $5.9 billion to the growth in value of the resources sector during the year.

Other commodities showing strong growth include alumina (12.12 per cent growth), nickel (15.52 per cent) and manganese (40.75 per cent).

Chamber of Minerals Energy chief executive Tim Shanahan said the new figures emphasised the contribution of the state's resources sector as the cornerstone of the WA economy.

"The success of the resources sector is directly linked to trends such as Western Australia's $27.2 billion trade surplus and our enviable position as a high growth economy."

Today's results also reveal the resources sector is strongly contributing to the financial position of the State Government, with royalty receipts totalling over $1.25 billion in 2004-05, up by $222 million in the 12 month period.

Mr Shanahan said the figures are in line with CME projections that the resources sector is likely to grow by 50 to 75 per cent to 2015, ensuring that the industry remains the key driver of the Western Australian economy and community into the future.

 

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