Western Australia’s resources sector delivered record levels of employment in the 2023–24 financial year (FY24).
Strong mineral and petroleum sales totalling over $238 billion supported 134,871 full-time equivalent (FTE) positions across the year.
This marks the seventh consecutive calendar year of jobs growth, with the past five years setting record highs.
FTE positions in mining operations were up year-on-year for most minerals with the major movers being lithium, gold and iron ore.
WA remained a leading destination for exploration investment in Australia with the $2.58 billion spent in FY24 accounting for 62 per cent of the national spend.
Key exploration targets included critical minerals such as lithium, rare earths (which achieved record spending levels), nickel/cobalt and copper.
Iron ore continues to be the bedrock of WA’s resource output, with sales of $142 billion supported by higher prices and record production of 866 million tonnes.
Gold continued to shine with all-time high sales of $21 billion driven by the highest prices ever recorded.
Despite the market headwinds for battery minerals, lithium ($8.4 billion), nickel ($3.8 billion) and copper ($1.1 billion) achieved strong sales, as did alumina ($6.6 billion), mineral sands ($1.2 billion) and salt ($814 million – the highest on record).
WA’s reputation as a well-regulated and reliable business partner saw more than $32 billion invested in the resources sector in FY24. This result continues the upwards trend in investment since mid-2019.
The investment pipeline also had projects valued at about $50 billion committed or under construction.
“These remarkable results support jobs across the State and deliver tremendous economic benefits to Western Australia and our regional communities,” WA Premier Roger Cook said.
“We are a global investment destination of choice as we remain a reliable business partner, we maintain a robust regulatory framework and we have a long history of major mining and mineral processing successes.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
