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Investment activity in the minerals and energy sector remains strong

Tuesday, May 25th, 2010

ABARE’s latest report of major minerals and energy development projects has revealed projects with a capital expenditure of $11.4 billion were completed in the six months to April 2010.
ABARE’s Deputy Executive Director Paul Morris today released Minerals and energy: major development projects – April 2010 listing.
“The 20 completed projects across most major mineral and energy commodities will enhance the ability of Australia’s mining sector to meet growing demand from Asia,” Mr Morris said.
As at 30 April 2010, the value of advanced minerals and energy projects was $109.6 billion, the second highest on record.
“The high level of committed capital expenditure and the significant number of projects committed to in the past six months is a reflection of expectations of growing demand for minerals and energy commodities in the medium and longer term,” Mr Morris said.
The $109.6 billion is spread across 75 advanced projects, defined as being ‘under construction’ or ‘committed’, of which 41 are energy projects, 28 are mineral projects and six are mineral or energy processing projects.
Energy projects account for around 73 per cent, or $80 billion, of the estimated capital cost of all listed advanced major projects. Iron ore projects account for a further 16 per cent, or $17 billion.
Western Australia accounts for around 79 per cent of the capital expenditure on advanced projects, including six oil and gas projects (valued at $64.1 billion) and 10 iron ore projects ($17 billion).
Queensland accounts for a further 10 per cent ($11.3 billion) of capital expenditure on advanced projects, with half of this in coal mining and related infrastructure projects.
The listing of 361 major development projects includes a record 286 projects at a less advanced stage, that is projects undergoing feasibility studies or approval processes.
In the six months to April 2010, 49 new projects were added to ABARE’s list of development projects. This compares with 44 projects being added in the six months to October 2009 and 11 projects being added in the six months prior to April 2009.
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