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Resources jobs at record high despite battery metals carnage and gold reclaims lithium’s crown
The Western Australian mining sector has showcased robust job growth, even as it grapples with a significant $16 billion decrease in overall mineral and petroleum sales for the fiscal year. The latest data reveals that the state’s commodity earnings for 2023-24 are projected at $238 billion, a notable drop from $254 billion in the previous year. Despite less-than-ideal performances in certain areas, especially battery minerals, the resilience of iron ore and gold has proved pivotal in sustaining employment levels.
In a striking downturn, lithium sales—a highlight of the previous year with record transactions of $21 billion—plummeted to $8.4 billion, while nickel sales fell to $3.8 billion from last year’s $5.7 billion. Similarly, the value of liquefied natural gas exports dropped from the impressive $57 billion to $36 billion.
Iron ore, however, continues to stand strong as a cornerstone of WA’s economy, generating $142 billion in sales this year due to record production levels of 866 million tonnes. This reflects a marginal increase from last year’s $125 billion in sales, where the production was slightly lower at 861 million tonnes. Gold emerged as a key player as well, reclaiming its position as the second-most valuable resource within the state with sales of $21 billion fueled by historic pricing, surpassing last year’s $18.6 billion.
Interestingly, despite around 8,000 job cuts resulting from mine closures, employment numbers have increased overall for the seventh consecutive year. Currently, over 134,800 individuals are employed in full-time roles within the resources sector, a rise from 126,480 in 2022. Premier Roger Cook has praised the government’s management, highlighting the economic benefits these results bring to Western Australia and its regional communities.
Mines and petroleum minister David Michael underscored the positive trends in employment opportunities within the sector. He expressed satisfaction with the ongoing increase in exploration spending, as global demand for commodities, especially critical minerals, remains strong. Western Australia has claimed the title for the highest exploration expenditure in Australia, amounting to $2.58 billion in 2023-24, which accounts for 62% of the national expenditures.
Looking ahead, Minister Michael conveyed optimism about the future of the sector, emphasizing the ongoing billion-dollar projects under construction that seek to bolster downstream and midstream production activities.
In conclusion, while the Western Australian mining sector faces economic challenges, the remarkable job growth amid substantial sales losses highlights a complex yet resilient industry poised for future opportunities.
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