Mining investment soars 34 per cent
New data released by the Bureau of Resources and Energy Economics (BREE) shows that investment in Australia’s mining industry has soared 34 per cent in the April to October 2011 period, topping $231.8 billion.
"The record level of committed capital expenditure will underpin growth in Australia's mineral and energy exports over the medium and long term," said Professor Quentin Grafton, BREE Executive Director and Chief Economist.
The record investment includes 102 projects at an advanced stage of development, including 30 minerals projects, 37 energy projects and 21 infrastructure projects and four mineral processing projects.
"Significant growth in coal, iron ore and gas exports are expected to occur over the medium and long term, underpinned by the capital investment that is occurring in these sectors" said Professor Grafton.
Oil and gas, iron ore and coal and associated infrastructure accounted for around 93 per cent of the total committed capital expenditure.
The significant increase in the value of advanced projects in the six months to October 2011 reflects the final investment decision on three LNG projects – Wheatstone, APLNG and Prelude which are estimated to have a collective capital cost in excess of $50 billion.
Western Australian accounts for around 64 per cent of expenditure on advanced projects which reflects the location of the majority of Australia's oil and gas and iron ore projects.
Queensland accounts for a further 30 per cent supported by 3 coal seam gas LNG projects and the development of a number of coal projects and associated infrastructure.
There are a further 302 projects at a less advanced stage, which are at various stages of planning prior to a final investment decision.
The full report can be found here