Business

Record amount of money being spent in mining industry

A major report from the Bureau of Resources and Energy Economics found there was $268.4 billion being spent on significant developments in the resources industry in Australia.
A major report from the Bureau of Resources and Energy Economics found there was $268.4 billion being spent on significant developments in the resources industry in Australia. Amy Coopes

FORGET the gloom, the amount of cash being pumped into Australia's mining industry is still breaking records.

A major report released from the Bureau of Resources and Energy Economics found there was $268.4 billion being spent on significant developments.

This included 87 projects that were either in construction or about to start.

Of these, 51 were mines, 18 were gas and petrol ventures and 18 were considered infrastructure.

Within that headline figure are 11 "mega projects" worth more than $5 billion each and including liquefied natural gas developments near Gladstone and others in Western Australia.

In total, these super developments account for about 76% of that overarching figure.

The report found that in the past six months, 10 projects worth $13.2 billion were given the green light after a final investment decision.

The largest of these was for the second LNG train at the Australia Pacific LNG plant in Gladstone.

Topics:  bureau of resources and energy economics, mining, profits


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