Wayne Swan mining and energy investments have risen to $132.9 billion a 21% increase from April. Nov 18 2010
Australia is entering into the largest mining boom since the 1850s gold rushes. Australian Bureau of Agricultural and Resource Economics figures reveal that planned mining and energy investments have risen to a record $132.9 billion in October.
72 projects are at an advanced stage of development including BG Group’s Queensland Curtis Island LNG facility and Rio Tinto’s commitment to expand its iron ore export capacity by 60 million tons over the next 3 years.
ABARE said capital spending in the mining industry is expected to top $54.8 billion this financial year a 58% increase from 2009-10.
The more notable less advanced projects new to ABARE–BRS’s list include: Cameco’s Kintyre and Energy and Minerals Australia’s Mulga Rock uranium projects in Western Australia; Flinders Mines Pilbara Iron Ore Project; Sherwin Iron’s Roper River Iron Ore Project; Orica’s Kooragang Island ammonium plant; Regis Resources’ Duketon gold mine; and Sandfire Resources’ DeGrussa copper mine.
There are 17 coal projects which could add up to 50 million tonnes a year to Australia’s future production capacity. (Collinsville and Denham coking coal mines in Queensland Bulga and Wambo expansions in NSW). 2nd stage of the NCIG coal export facility at the Port of Newcastle.