Western Australia obtains record resources sales

Perth, Western Australia's capital city.

Western Australia has earned $167.3 billion in resources sales for the 2019 calendar year, according to statistics from the state’s Department of Mines, Industry, Regulation and Safety (DMIRS).

The sales saw a 28 per cent increase from 2018 ($130.3 billion), which has largely been from iron and gold production.

Iron ore has thrived in Western Australia after $97.7 billion of the material was sold, accounting for 76 per cent of overall mineral sales in Western Australia last year.

The DMIRS said this was primarily due to peaking iron ore prices in the first half of 2019 following global supply shocks.

Gold sales in Western Australia also followed suit, with the volume of sales being the highest the state has seen in more than 20 years with an all-time high of $13.8 billion worth of gold sold last year.

This was largely due to record gold prices in 2019, which saw an average of more than $2000 per ounce.

Nickel sales also rose to $3.1 billion, marking their highest figure in five years.

Industry confidence in Western Australia contributed to the state’s strong performance and influx of resource projects, which were estimated to be worth $118.4 billion as of March this year.

The statistics also found that employment rose to a record 133,094 workers from 120,511 in 2018.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.