To place IGO’s production and product value into a broader context, we note the following: Western Australia’s gross state product (GSP) was $247.7 billion in FY17; 14% of Australia’s gross domestic product (GDP). Mining accounted for 29% of GSP in FY17, followed by business and property services (10%) and construction (8%). Mining Gross Value Added (GVA) rose 2% in FY17, and with its large share of GSP, contributed 0.5 percentage points to real GSP growth. Mining accounted for 71% of Western Australia’s private new capital expenditure in FY18, however, new capital expenditure fell 14% to $19.1 billion in FY18. Western Australia accounted for 63% of Australia’s minerals exploration expenditure in 2017 and minerals exploration expenditure rose 20% to $1.1 billion in 2017, mainly due to increases in gold, nickel and cobalt exploration ( . au/docs/default-source/default- document-library/ wa-economic-profile-0818. pdf?sfvrsn=e539721c_4). The value of IGO's products sold in FY18 are shown in Figure 34. The destination and value of Western Australia's copper, lead and zinc exports (collectively denoted as base metals) and nickel exports are listed in Figure 35 and 36. Western Australia produced approximately 6% of the world’s gold production and 8% of the world’s nickel production in FY17. In total, Western Australia produced approximately 165,000t of nickel and 210t of gold. WA MINING INDUSTRY WA'S BASE METALS EXPORTS FY17 $M (%) China 912 (26) Philippines 901 (26) South Korea 746 (21) Other 950 (27) Total 3,509 (100) FIGURE 35 WA'S NICKEL EXPORTS FY17 $M (%) China 585 (29) Taiwan 459 (23) Malaysia 221 (11) Other 720 (36) Total 1,985 (100) FIGURE 36 IGO’S PRODUCT REVENUE FY18 $’000 Nickel 316,905 Gold 241,817 Copper 88,853 Zinc 78,913 Silver 16,043 Cobalt 23,156 Total 765,687 FIGURE 34 88 — IGO SUSTAINABILITY REPORT 2018