WA Mining Powers On: Gold and Mineral Sands Lead 2024–25

Highlights

• WA recorded record outcomes in gold and mineral sands

• Iron ore and LNG remained major pillars despite mixed commodity conditions

• Employment, exploration activity and capital investment stayed elevated

WA’s resources sector delivered strong outcomes with record gold and mineral sands results, supported by iron ore and LNG. Employment stayed robust, exploration activity remained firm, and committed projects reinforced pipeline stability.

Western Australia’s resources engine again delivered a strong financial year, supported by record outcomes in gold and mineral sands, resilient performance in iron ore and LNG, and a workforce base that stayed robust across site operations. The latest snapshot underlines a familiar WA reality: even when parts of the commodity complex soften, the depth and diversity of the state’s production mix can keep the broader sector steady.

What’s the main takeaway from the latest WA resources numbers?

The broad message is balance. WA posted standout results across several major commodities while facing weaker conditions in others. Gold and mineral sands were the headline performers, while iron ore and LNG continued to anchor overall value. At the same time, softer pricing conditions in lithium and nickel reduced momentum in those segments.

Why did gold stand out this year?

Gold was a bright spot because stronger pricing combined with slightly higher output helped lift total value. For WA, gold often acts as a counterweight when sentiment in other commodities cools, especially during periods of global uncertainty. Strong gold conditions can also support:

• steady activity for producers and contractors,

• continued exploration interest,

• confidence around project studies and development pathways.

What’s the story in iron ore?

Iron ore again delivered exceptional scale and value, demonstrating how central the commodity remains to WA’s resources profile. When global demand holds up and pricing remains supportive, iron ore continues to be the sector’s core stabiliser, influencing:

• state revenue strength,

• supply chain activity through ports and freight,

• broader employment across operations and services.

How did LNG and alumina contribute?

LNG remained a major pillar, reflecting WA’s role as a globally significant energy exporter. Alumina also contributed strongly, with firm pricing conditions offsetting lower output. Together, these commodities reinforce the breadth of WA’s resources base: not just minerals, but also energy and downstream processing.

Which commodities softened, and why does that matter?

Lithium and nickel faced weaker market conditions through the year, which reduced their contribution relative to prior peaks. This matters because these commodities have been important to the “new economy materials” narrative. When they soften, the market focus often rotates back toward WA’s larger foundations such as iron ore, gold and LNG, while still watching for signs of a sentiment reset in battery-linked materials.

What do the employment figures suggest?

WA’s on-site workforce stayed strong, and that is one of the clearest signals of sector resilience. Elevated employment tends to indicate:

• high levels of operational activity across producing assets,

• sustained maintenance and sustaining capital work,

• continued demand for services such as drilling, engineering and logistics.

It also suggests the state’s resources activity continues to be a major driver of regional job stability.

What does exploration activity say about future supply?

Exploration spending remained firm, which signals ongoing effort to extend mine life, discover new deposits, and build the next pipeline of projects. Strong exploration activity often reflects two forces moving at once:

• long-term confidence in the state’s prospectivity, and

• higher operating costs that lift the price of doing exploration work.

Exploration is an early indicator: it does not guarantee development, but it shows intent and pipeline-building.

Why does capital investment matter here?

Investment levels and the value of committed projects help indicate how much future construction and expansion work is likely to flow through the sector. Strong committed project value typically points to:

• sustained demand for contractors and specialist services,

• ongoing infrastructure and capacity upgrades,

• longer-cycle support for regional economies.

Even in years where some commodities soften, a stable investment pipeline can help keep activity levels firm.

What does this mean for WA’s outlook?

The takeaway is not that every commodity is strong at the same time. It is that WA’s resources mix remains deep enough to absorb weaker conditions in selected areas. Strong performance in gold, iron ore, LNG and alumina helped carry the overall picture, while steady employment, exploration effort and committed projects point to an industry that remains active and resilient into the next cycle.