Latest statistics release

Minerals production maintained its place as the dominant activity in the State’s resources sector with $187 billion in sales in 2023-24.

This was an increase of nearly $3 billion from 2022-23, but lower than the record of $193 billion in 2023.

Minerals accounted for 79 per cent of all resources sector sales, which was around its 10-year average level.

Iron ore had sales valued at $142 billion, once again making it the State’s top resource commodity. This was the third highest value on record, below only the $158 billion in 2021 and $156 billion in 2020-21 which was a period of very high prices.

US dollar iron ore prices were higher year-on-year at an average of around
US$120 per tonne, up from US$110 per tonne in 2022-23. Australian dollar prices were further boosted by a weaker Australian dollar achieving an average of around $180 per tonne, up from around $160 per tonne.

Iron ore prices shifted higher to the end of 2023 driven by signs of a turnaround in China's troubled property sector, plus new stimulus measures in China to support steel demand.

However, they trended lower through the first six months of 2024 as Chinese demand was subdued and the property sector remained troubled despite support in the form of expanded stimulus measures.

Almost 866Mt of iron ore was produced in 2023-24 – the highest level for a single calendar or financial year.

During the year:

• Rio Tinto’s output was lower with the ramp-up of the Gudai-Darri mine and productivity improvements from implementation of the Safe Production System, offset by weather disruptions at ports early in 2024 and a train collision in May 2024.
• BHP achieved record production on increased capacity unlocked through port debottlenecking, as well as the completion of ramp-up at South Flank.
• Fortescue’s production was stable on the balance of factors including a train car derailment in late 2023 and weather disruptions in the new year, as well as first magnetite concentrate shipments from Iron Bridge.

The iron ore industry’s share of sales was 76 per cent of mineral sales and 60 per cent of total resources sector sales, which are greater than the average levels over the last decade.

Gold achieved a record $21 billion in sales in 2023-24, re-cementing its position as the second most valuable mineral produced in WA on the back of all-time high prices and despite lower output.

Gold prices trended higher across the financial year reaching new heights of nearly US$2,500 ($3,500) per ounce with geopolitical tensions and global economic uncertainty driving central banks to purchase gold bullion in record amounts and investors to buy futures.

There was 6.6 million ounces (204 tonnes) of gold produced in WA in 2023-24, the lowest level in seven years. Production was notably lower from Newmont’s Boddington operations, due to lower ore grades as a stripping campaign was undertaken and its Telfer operation, which was suspended from April 2024 due to issues with tailings storage facilities. Production was also impacted by:

• Reduced performance from Jundee after a processing plant fire resulted in 10 days of downtime and reduced sales in the December quarter 2023.
• Planned lower production from St Ives during the first half of 2024 as well as delays in development of new open pits at the mine.
• The suspension of Dacian Gold's Mt. Morgans project in April 2023, resulting in nil sales during 2023-24.

These factors more than offset the start-up of the Bellevue gold project, increased production from Vault Minerals’ (formerly Red 5) expanded King of the Hills project following ramp-up, as well as Aurenne Group’s restarted Bottle Creek project.

Lithium sales were valued at $8.4 billion, making it the State’s third most valuable mineral. This was down significantly from a peak of $21 billion in 2022-23, though it was still the fourth highest lithium sales value for a single calendar or financial year on record.

Lithium prices continued to decline throughout 2023-24, falling to the lowest levels since the second half of 2021 amid an ongoing supply surplus and weaker demand for electric vehicles.

The quantity of spodumene concentrate sold reached a new record of 3.6Mt supported by the ongoing optimisation and expansion of processing facilities at Pilbara Minerals’ Pilgangoora operations, the ramp-up of expanded production capacity at Mineral Resources’ Wodgina and Mount Marion (albeit at reduced grades) projects, as well as first sales from Covalent Lithium’s Mount Holland mine and concentrator project. However, production and sales from Greenbushes was lower as inventories were built to match the requirements of its joint venture owners (Tianqi Lithium and IGO, and Albemarle Corporation).

The alumina industry had $6.6 billion in sales in 2023-24, which is broadly the same level as in previous years.

The price of alumina trended higher particularly through the first half of 2024 on steady demand and supply constraints. It achieved its highest level in two years at an average of more than $600 per tonne in June 2024.

The quantity of alumina produced declined to 12.4Mt, its lowest level in more than a decade. Alcoa completed the curtailment of its Kwinana refinery in June 2024 and continued to be affected by reduced bauxite quality. South32’s Worsley project was affected by the temporary outage of a bauxite conveyer which impacted supply to the alumina refinery during the June quarter 2024.

The value of nickel sales was $3.9 billion, down by one-third from one of the highest levels in the last 15 years of $5.7 billion in 2022-23.

The price of nickel trended down across the second half 2023 amid plentiful low-cost supply, particularly from Indonesia, as well as weak Chinese demand. It ended 2023 and began 2024 at an average of around US$16,000 per tonne. The nickel price staged a recovered through May 2024 reaching a monthly average of nearly US$20,000 per tonne, supported by supply concerns amid restrictions on Russian nickel supply and civil unrest in New Caledonia. However, it was short-lived with nickel shifting lower again in June 2024 on weakening Chinese demand.

The quantity of nickel sales decreased to 141 thousand tonnes (kt) principally on:

• First Quantum Minerals initially suspending mining and shift to alternative processing of existing stockpiles from January 2024 at its Ravensthorpe mine, and then subsequently putting the operation into care and maintenance from May 2024.
• Operational challenges at IGO’s Nova project, as well as the ramp down of IGO’s Forrestania operations including the Flying Fox mine, which was closed in November 2023, and the Spotted Quoll mine, which was expected to finish mining during the September quarter 2024.
• The completion of scheduled maintenance and the phasing of the subsequent ramp-up at Glencore’s Murrin Murrin operations.
• Administrators for Panoramic Resources putting the Savannah project into care and maintenance in January 2024.

The suspension of BHP’s Nickel West operations, which commenced from July 2024 and was to be completed in October 2024, will affect production quantities in the coming years.

Copper sales were valued at $1.1 billion, the lowest level since the Global Financial Crisis and continuing a downward trend in recent years.

The price of copper was fairly subdued through most of 2023-24. It rose strongly from March to May 2024 and achieved a two-year high of US$10,000 per tonne on global supply concerns, particularly following the suspension of the Cobre mine in Panama, and rising manufacturing demand.

Sales volumes were 85kt, a near 20-year low, as the DeGrussa project wound down and transitioned to care and maintenance. This result was also affected by lower copper by-product sales from Boddington and Telfer, as well as the suspension of the Jaguar (in September 2023) and Savannah (in January 2024) projects.

The remaining significant other mineral sales for 2023-24 included:

• Mineral sands – $1.2 billion.
• Salt – $814 million (the highest on record).
• Coal – $463 million (the highest on record).
• Manganese – $341 million.
• Construction Materials – $239 million (a decade high).
• Cobalt – $223 million (down by around 40 per cent from 2022-23).

For an overview of the overall performance of the resources sector against key economic indicators, please see the mineral and petroleum economic indicators 2023-24.

The petroleum sector, comprising LNG, condensate, crude oil, domestic gas and Liquified Petroleum Gas (LPG), had sales of $51 billion.

This is the third highest value since records began, but down considerably down from more than $70 billion in sales in 2022-23 and 2022.

The sector’s share of total mineral and petroleum sales was 21 per cent, lower than in 2022-23 but around the 10-year average share. 

LNG was the most valuable petroleum product produced in WA at $36 billion (72 per cent of petroleum sales), followed by condensate at $8.4 billion (17 per cent), domestic gas at $2.9 billion (six per cent), crude oil at $2.5 billion (five per cent) and LPG at $554 million (one per cent).

The value of sales was down for most products primarily because of weaker market conditions across 2023-24 relative to previous levels:

• Oil prices were stable overall on a balance of factors including slow economic growth, weaker demand, declining supply from major producers, and geopolitical uncertainties.
• LNG prices were at the lowest level in several years on muted demand, including from a milder than expected northern winter.

WA produced 47Mt of LNG in 2023-24 down from a record 50Mt in 2022-23. Lower output largely reflected reduced production from the North West Shelf due to planned maintenance activities and natural field decline. Gorgon continued to outperform as did Pluto, which also benefitted from previous maintenance activities. Wheatstone was impacted by outages to the Julimar subsea system and Wheatstone facility during the first half of 2024, while Prelude achieved more consistent production against improved reliability.

Condensate production was 11.7 gigalitres (GL), which is around its recent levels. It was supported by record production from the Ichthys floating, production, storage, and offloading (FPSO) facility. On the other hand, condensate production from the North West Shelf (described above) and Prelude, largely due to nil shipments in the December quarter 2023, was lower.

Oil production was 3.2GL, among its lowest level since the late-1980s. The result was impacted by planned maintenance on the Pyrenees FPSO and a shut-in following the identification of a water leak in the subsea facility.

Domestic gas was an exception among petroleum products, achieving a new record sales value on higher prices reflecting increased demand for gas-fired generation and tighter supply conditions.

Production was also at a five-year high, largely due to the doubling of the volumes of gas from Pluto processed through the North West Shelf for the domestic market, new supply from Walyering, as well as higher production from Varanus Island following a significant outage that affected output in the previous year.

For an overview of the overall performance of the resources sector against key economic indicators, please see the mineral and petroleum economic indicators 2023-24.