Iron ore sets the benchmark in WA
Source : Australian Journal Of mining
Published on : Dec 23, 2010
Iron ore sales are almost equal in value to all other commodities combined, the recently released WA Mineral and Petroleum Statistics Digest for 2009-10 shows.
Iron ore accounted for 48% of total WA mineral and petroleum sales, netting a whopping $33.7 billion. This figure dwarfs the value of its nearest single competitor crude oil and condensate, valued at $9.9 billion in sales.
These astronomical figures were achieved despite average iron ore prices falling overall and a strong Australian dollar. In fact, over the first three quarters of 2009-10, iron ore sales contracted, but came roaring back in the final quarter. With the new quarterly benchmark system taking hold, iron ore’s sales value nearly doubled.
Iron ore sales have grown, on average, 28% per annum over the last 10 years. A record tonnage was duly recorded in 2009-10, up 25%, with 396 million tonnes shipped.
Petroleum is WA’s second largest commodity sector and accounted for 27% of sales. Crude oil, LNG, natural gas and LPG sales fell 12% overall from their 2008-9 value, mainly as a result of maturing oil fields and appreciation of the Australian dollar.
WA’s mineral and petroleum industry had total sales in 2009-10 of $70.9 billion, with that figure having grown 14% each year over the last 10 years. WA currently has 540 commercial mineral projects listed, with 968 mine sites producing 50 different minerals.
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