Today we welcome more good news for WA’s economy with another boost for our mining industry. Fortescue Metals Group (FMG) has received recommended conditional approval by the Environmental Protection Authority for the Eliwana (iron ore) replacement project, 90km north-west of Tom Price. The Eliwana project, estimated to be worth $1.8billion is scheduled to enter production late next year (2020).
According to research conducted by Urban Development Institute (UDIA WA), there is a clear link between improvements in the WA’s mining industry and a positive correlation in the property market. Chief executive Tanya Steinbeck of UDIA highlighted that “There has been a distinct two-year lag between an uplift in mineral exploration expenditure and a corresponding uplift in dwelling commencement figures in WA,”.
The current increase in mining expenditure is a positive sign for the mining sector which translates into good news for our property industry and buyer/investor confidence. Improvements in both of these industries will have a significant impact on the health of the wider WA economy.
Read the full article as featured in The West Australian 25 June 2019.