Sector continues its strong run amid mixed market conditions
| Date: | Tuesday, 14 May 2024 |
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Western Australia's resources sector delivered record full-time equivalent (FTE) jobs in 2023 and achieved sales of $248 billion, underlining its role as the driving force behind our State and national economies.
The sector’s 130,165 FTE jobs in 2023 was an annual increase of more than 12,000 positions based on the latest data released by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS).
Strong levels of mining and construction activity across the State drove 2023’s exceptional jobs growth.
Iron ore continued its remarkable run with $139 billion of sales on production of 860 million tonnes (Mt). This was a $13 billion increase on 2022 and the second highest level of production for a single calendar or financial year.
Gold sales were valued at an all-time high of $20 billion on the back of the highest gold prices ever recorded, with the industry taking back its position from lithium as the State’s second most valuable mineral after iron ore.
Growth in iron ore and gold sales was offset by the performance of several other commodities amid weaker market conditions and prices relative to previous highs: This included liquified natural gas, lithium, crude oil, nickel and condensate.
WA’s mineral exploration expenditure hit new highs, reaching $2.6 billion in 2023. This result reflects, in part, ongoing efforts to discover new minerals, as well as the impact of rising costs, particularly for labour, equipment and fuel, within the exploration sector.
More than $31 billion was invested in WA’s mining and petroleum sector across 2023, which continues the upward trend in investment since mid-2019.
For more information, visit https://www.dmp.wa.gov.au/About-Us-Careers/Latest-Statistics-Release-4081.aspx.
