{"id":81721,"date":"2023-12-20T02:43:29","date_gmt":"2023-12-20T02:43:29","guid":{"rendered":"https:\/\/globalroadtechnology.com\/\/?p=81721"},"modified":"2024-01-15T03:36:26","modified_gmt":"2024-01-15T03:36:26","slug":"western-australia-economy-growth","status":"publish","type":"post","link":"https:\/\/globalroadtechnology.com\/western-australia-economy-growth\/","title":{"rendered":"Resources Drive WA to $3.7 Billion Budget Surplus"},"content":{"rendered":"

Western Australia\u2019s economy is officially booming. <\/span>Experiencing the highest growth in 9 years and the best-performing state in Australia, WA is reaping the rewards of its thriving Resource and Energy sector.\u00a0 <\/span>The latest data suggests that WA\u2019s economy grew 3.5% from 2022 to 23. <\/span>The bulk of the surplus is driven by elevated iron ore prices, bringing in\u00a0<\/span>$3.2 billion in royalties<\/span><\/strong>\u00a0for the period alone.\u00a0<\/span>The bumper figures come amid the state’s mid-year budget review, with the Chamber of Minerals and Energy (CME) understandably buoyant about the results.<\/span><\/p>\n

According to the group\u2019s CEO, Rebecca Tomkinson, \u201cWA\u2019s economy is the healthiest of any state and territory in Australia, and the resources sector is the blood in the veins that keeps the state budget in such a robust condition.\u201d\u00a0<\/span>The\u00a0<\/span>energy transition<\/span><\/strong>\u00a0will also strengthen WA\u2019s position as a mining \u201cpowerhouse\u201d as an increasing array of critical minerals rise to prominence and demand surges.\u00a0<\/span><\/p>\n

\u201cThe energy transition is going to require more mining activity to deliver the critical minerals and technology required to achieve the world\u2019s decarbonisation ambitions,\u201d Tomkinson added.\u00a0\u00a0<\/span><\/p>\n

WA currently has about $12.6 billion worth of projects underway, with another $118.4 billion in early-stage developments expected to advance in the next few years.\u00a0<\/span><\/p>\n

Australia\u2019s First All-Electric Excavator Lands at Cloudbreak<\/span><\/h2>\n

The partnership between Fortescue and Liebherr has borne fruit as an all-electric excavator breaks ground at the Cloudbreak mine. <\/span>The first of its kind in Australia, the excavator is energised by a 6.6-kilovolt substation connected by over\u00a0<\/span>2km of high-voltage cabling<\/span><\/strong>. <\/span>Fortescue hailed the arrival as a significant milestone in the company\u2019s decarbonisation efforts and aims to have three R 9400 E units operating in 12 months. <\/span>Fortescue CEO Dino Otranto quickly highlighted his team\u2019s achievement in bringing the Aussie-first excavator into reality.\u00a0\u00a0<\/span><\/p>\n

\u201cIt\u2019s a true demonstration of industry collaboration where we\u2019ve been fortunate enough to work with industry experts who have been using trailing cable for decades and then repurpose this in our operations as part of our decarbonisation journey,\u201d he said.\u00a0<\/span><\/p>\n

Fortescue aims to secure a fully renewable power supply as part of its decarbonisation efforts, ultimately allowing the newly arrived excavators, alongside all its electrified equipment, to be net zero carbon. <\/span>Liebherr Managing Director Trent Wehr said the\u00a0<\/span>R 9400 E project<\/span><\/strong>\u00a0was a step forward in the company\u2019s decarbonisation partnership with Fortescue.<\/span><\/p>\n

\u201cOur local teams are actively enhancing their skills to keep pace with the changes that accompany our expanding line-up of zero-emission mining equipment, and we\u2019re excited to see what the future holds,\u201d he said.\u00a0<\/span><\/p>\n

Australia\u2019s List of Critical Minerals Keeps Getting Longer<\/span><\/h2>\n

The federal government has revised its list of critical minerals to support and give clarity to strategic hubs around the country. <\/span>Critical minerals are those classified as essential to low-emission technology, the economy, and national security but whose supply chains are vulnerable to disruption. <\/span>After extensive consultation throughout the industry, critical minerals have been broadened to include:<\/span><\/p>\n