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Value of advanced minerals and energy projects soars to a record $231.8b



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Minister for Resources and Energy, Minister for Tourism

Value of Advanced Minerals and Energy Projects Soars to a Record $231.8b 29 November 2011

New figures from the Major Mining Industry Projects October 2011 report released today by the Bureau of Resources and Energy Economics confirm that investment in Australia’s resources sector continues to set new records with 102 minerals and energy projects at an advanced stage of development representing committed capital expenditure of $231.8 billion.

This is a surge in both the number (up 9 per cent) and total committed capital (up 34 per cent) of advanced projects in the six months since the April 2011 listing.

Minister for Resources and Energy, Martin Ferguson AM MP said the report clearly shows that the committed expenditure on advanced projects is dominated by three commodities, petroleum, iron ore and coal.

“The figures released today are further evidence that the Government's resource taxation reforms are the right policy, at the right time, and are not posing an impediment to continued record investment in our resources sector,” Minister Ferguson said.

“Final investment decisions on a range of major projects including Wheatstone, APLNG and Prelude, have seen $58 billion added to the value of Australia’s major resources projects in the past six months alone.

“Both the number and value of completed projects has risen, and exploration expenditure - vital to the continued future growth of the sector - was the second highest on record in real terms.

“BREE's report also highlights the sheer scale of the current resources boom. The value of advanced major resources projects today is 16 times what it was a decade ago when the total value of advanced minerals and energy projects in 2001 was just $14.3 billion.

“Our resources sector is creating jobs and the revenue from these projects will go on supporting economic growth for decades to come.”

There are 302 projects considered to be at a less advanced stage of development, with an estimated capital cost in excess of $224 billion.

Since the April 2011 list was published, 13 projects have been completed with a combined capital cost of $9.6 billion. This compares with 10 projects completed in the six months prior to April 2011 with a combined cost of $2.8 billion.

BREE’s Major Mining Industry Projects October 2011 is available at www.bree.gov.au

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