The release today of ABARE BRS' October listing of major minerals and energy development projects showing record levels of planned capital expenditure is further evidence of the strength of Australia's minerals and energy sector, the Minister for Resources and Energy, Martin Ferguson AM MP has said.
The figures from Minerals and Energy: major development projects October 2010 show a record $132.9 billion of planned investment in the industry, up by 21 per cent since April 2010.
"We're seeing huge investment in an industry that is going from strength to strength," Minister Ferguson said.
"I expect this trend to continue with more key projects potentially coming on line in the near future.
"As today's report notes, ABS Survey data based on industry intentions from the June 2010 quarter indicate that capital expenditure in the mining sector for 2010-11 may reach $54.8 billion – an increase of 58 per cent on 2009-10 figures.
"In the last month alone we have seen major new commitments including BG Group's $15 billion investment in its coal seam gas to liquefied natural gas operations in Queensland that could be the first of a number of such investments in this growing industry.
"In Western Australia major developments include Rio Tinto's expansion of its iron ore export capacity and just yesterday BHP Billiton approved $570 million to underpin the expansion of its iron ore production.
"New investment in Australia's resources sector is underpinning exports, jobs and future economic growth. Today's figures clearly demonstrate that investors continue to see Australia as a prime investment destination."
ABARE's October 2010 list contains 376 major projects spanning most minerals and energy commodities.
Energy projects account for 26 of the 72 advanced projects (36 per cent) and make up 70 per cent (or $92.9 billion) of the total capital cost of $132.9 billion. A significant proportion of this investment comprises LNG projects, including exports.
Of the 25 advanced minerals mining projects, nine iron ore projects account for 72 per cent (or $16.9 billion) of the total capital cost of $23.6 billion. There are 15 minerals and energy infrastructure projects with a combined capital cost of $11 billion.
The full report is available at www.abare-brs.gov.au.