Record $261B mining industry spend
25th May 2012
CANBERRA, May 25 – A record $A260.8B has been committed to expanding Australia’s mining industry to the end of April 2012, up 12% on October 2011, according to the Bureau of Resources and Energy Economics (BREE).
The $260.8B consists of 98 projects at an advanced stage of development (committed or under construction), including 39 minerals projects, 38 energy projects, 19 infrastructure projects and 2 mineral processing projects.
Oil and gas, iron ore, coal and associated infrastructure account for around 95% of total committed capital expenditure. Over 60% is accounted for by just 7 LNG projects and when they are operating at full capacity in the 2nd half of this decade Australia will be one of the world’s leading exporters of LNG.
In the six months to April 2012, there were 25 projects completed at a record value of $23.6B, almost double the previous record value of $12.5B in the six months to April 2008. This was underpinned by the completion of the near $15B Pluto LNG project and the $3.4B expansion to the Worsley alumina refinery.
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