The WA Department of Mines and Petroleum have released a new report which valued the State's resources at just over $114 billion for 2014.
This valuation puts the state in the lead as Australia's most valuable resource state, WA DMP general manager policy and co-ordination Richard Borozdin said.
However despite the high valuation, is is a drop year on year, due to a plumetting iron ore price.
"Yet this [valuation] represents a decline of less than one per cent based on the adjusted figures for 2013, which is a good result given the challenging economic climate the industry faced last year,” Borozdin said.
Western Australia also remained the country's leading mining investment state.
“Australian Bureau of Statistics figures show the State’s mining industry invested $46 billion in 2014, which represents 55 per cent of the total national capital spending,” Borozdin said.
Unsurprisingly iron ore remained the foundation for much of the state's industry, and was still the highest value commodity in spite of the rapidly falling price in the second half of 2014 and its continued decline.
The $65 billion worth of iron ore sales accounted for three quarters of all mineral sales in WA, and while the value decreased for the metal by six per cent year on year, project expansions and continuing – albeit weakened – demand from China saw record export figures reached.
"There were 697 million tonnes of iron ore exported during 2014, which is 25 per cent more than was exported during the previous calendar year,” Borozdin said.
Also, in spite of the falling oil price, the state's petroleum sector (which includes crude oil, condensate LNG, natural gas, and LPG) actually increased in value by more than 11 per cent last year, with an end value of $27.6 billion.
“Although recent falls in commodity prices have also caused some mining companies to re-evaluate their investment positions the dominance of the resources sector in the nation’s economy is expected to continue,” Borozdin added.
“This is due to the number of projects which have been expanded or developed, in particular iron ore and LNG.”