Mineral and energy projects top $70bn
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Advanced minerals and energy projects in Australia have been valued at a record $70.5 billion, with Western Australia accounting for three quarters of all capital expenditure, an Australian Bureau of Agriculture and Resource Economics study found.
The $70.5 billion reflects 97 projects which are either under construction or committed to, with 58 new projects being added to the list and 22 completed since October 2007.
Western Australia contributed the highest portion nationally, contributing three quarters of capital expenditure on advanced projects.
This includes 12 petroleum projects, valued at $27.9 billion, and 10 iron ore projects, valued at $16.5 billion.
ABARE Executive Director, Phillip Glyde says the report shows a positive outlook for the industry, with an expectation of growth in world demand for mineral and energy resources.
"This is a record value and number of advanced projects and will lead to continued expansion in the production and capacity of Australia's mining industry," Mr Glyde said.