Resources industry shines despite economic uncertainty
The recent introduction of the Mining Rehabilitation
Fund is one example of how the State Government is
working with industry to encourage investment. The Fund
largely replaces the environmental bonds system, freeing
up considerable capital for companies and encouraging
ongoing rehabilitation.
Once the transition to the Fund is completed, more
than $1 billion in environmental bonds will have been
returned to operators.
The Liberal-National Government has long been
supportive of the resources sector and values the
contribution it makes to Western Australia.
It is an industry that not only provides jobs and other
direct economic benefits, but also the royalties and
taxes that help fund our schools, hospitals, roads and
much more.
A strong resources sector is vital in sustaining the
long-term growth of Western Australia’s economy, which
will bring benefits to all Western Australians.
Colin Barnett MLA
Premier
MESSAGE FROM THE HON COLIN BARNETT MLA, PREMIER OF WESTERN AUSTRALIA
Welcome to the 2013 edition of the Western Australian
Mining Club’s
Minesite
publication.
From a resources industry perspective, we have seen
commodity prices ease from historical highs, the once
record-setting spending on exploration has dropped off
and companies are streamlining their existing operations.
However, I certainly do not believe the commentary
which says there is doom and gloom on the horizon –
Western Australia still has a very strong economy.
In FY2013 the state’s mineral and petroleum sector
was worth $102 billion, a $75 billion increase from a
decade ago.
There is also continued global demand for Western
Australia’s resources, particularly from China, Japan and
South Korea.
In addition, FY2013 saw investment activity remain
strong with $48 billion invested into the state’s resources
industry, a 7% increase from FY2012.
Western Australia has an estimated $146 billion worth
of projects under construction or committed. A further
$97 billion is planned or possible in coming years.
It is also important that the State Government makes
it easier to invest in Western Australia.
Rio Tinto’s Cape Lambert port expansion
has increased overall shipping capacity to
290
million tonnes per annum, with the
second phase expansion also well advanced
Minesite 2013
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