Western Australia’s (WA) mining and petroleum industries have gone against global trends and recorded significant growth, rising 19% to $71.3 billion for the last financial year.
According to WA Minister for Mines and Petroleum Norman Moore, the State’s iron ore industry accounted for almost half of the recorded growth, with a total value of $33.6 billion for the year.
The strength of the industries was also augmented by increased investment, Moore said.
“This growth is also underpinned by strong levels of investment with the total value of new capital expenditure by the State’s mining industry amounting to $22.8billion, a 34% increase to the previous financial year,” he said.
Moore has warned that despite the growth, the mining industry still faces challenges from falling commodity prices and job losses.
“Statistics show there were 67,865 persons employed in the sector in June 2009, which was 4% lower than June 2008,” he said.
“At its peak in October 2008, the State’s mining sector employed 77,528.”