Resilient resources sector shows encouraging signs as economy rebounds

Mar 29, 2010

Latest resources figures released by the Department of Mines and Petroleum (DMP) show that under the Liberal-National Government’s management, the State’s mineral and petroleum sector performed well in 2009, despite the global economic downturn.

Mines and Petroleum Minister Norman Moore said the West Australian resources sector in 2009 was worth an impressive $61billion.

“While this was down by 17 per cent compared to 2008 ($73.1billion), this was expected as the world economy fell into recession in late 2008, early 2009,” Mr Moore said.

“However, the resource sector’s performance remains significantly higher than in previous years.

“During the past 10 years, the value of the State’s mineral and petroleum industry has grown strongly with an average annual growth of 15 per cent.”

The Minister said that in 2009, mineral and petroleum exports contributed a substantial 85 per cent to WA’s total merchandise exports.

China was again WA’s biggest export market accounting for 34 per cent of the State’s merchandise exports.

WA maintained its position as the nation’s foremost exporter in 2009 contributing 39 per cent to Australia’s total merchandise exports valued at $196billion.

The major sources of value in WA’s resources sector came from iron ore, petroleum and gold, which, combined, accounted for 83 per cent or $50.6billion of all mineral and petroleum sales.

“While 2009 was clearly a challenging year, WA’s mineral and petroleum industry achieved a good result and delivered $2.8billion in royalties to the State Government,” Mr Moore said.

“The long-term outlook for the industry remains positive, underpinned as it is by high levels of investment expenditure on major projects such as Gorgon and Oakajee.”

A full report detailing the figures is available at http://www.dmp.wa.gov.au/1525.aspx

Minister's office - 9422 3000

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