positive article in wa business news, page-5

Companies investing big in WA resources boom

Companies are pumping record sums into aggressive oil and gas and minerals exploration programs to continue Western Australia’s phenomenal resources boom.

Resources Minister Francis Logan said figures showed WA’s exploration expenditure rose by 39 per cent to $839.2 million in 2006/07, accounting for nearly half of Australia’s total.

The trend reflected the well-established minerals and petroleum industry which was now looking to secure its future with a more aggressive approach to exploration, he said.

"The current high levels of investment in new mineral and petroleum production require commensurate high levels of exploration to ensure there are deposits for future generations to develop," Mr Logan said in a statement.

The Australian Bureau of Statistics figures showed investment in oil and gas exploration more than doubled from $611 million in 2005/06 to $1.481 billion in 2006/07.

Mineral exploration over the same period was up nearly 40 per cent at $839 million and base metal exploration had more than doubled, rising from $23 million to $65 million.

At the same time, investment in iron ore exploration had risen 70 per cent from $160 million to $272 million, with gold rising 12 per cent to $277 million.

"These figures indicate that mining companies are prepared to invest in WA at record levels - it is a terrific vote of confidence in the state," the minister said.