Business

Record-breaking investment in our resources industry

THE hiccuping of Queensland's traditional engine room in Central Queensland is being drowned out by the economic roars from new frontiers in coal and gas.

Mines in the Bowen Basin, west of Mackay, have long been the epicentre of the state's coalmining booms but new figures point to the emerging Galilee Basin west of Rockhampton and Curtis Island near Gladstone powering up to take its place.

New figures from the Federal Bureau of Resources and Energy Economics released on Wednesday showed record-breaking investment in Australia's resources industry.

BREE research found 87 committed developments worth $268 billion across the country with $78.4 billion or almost 30% coming from 22 projects planned for Queensland.

By comparison, New South Wales had 16 projects worth a total of $9.5 billion or 3.5% of the total.

BHP Billiton Mitsubishi Alliance mothballed its Norwich Park and Gregory coal mines this year as coal prices waned.

It also postponed its Red Hill mine, a plan worth $2.2 billion.

Rio Tinto wound down its Blair Athol operation, which closed last week

Most mining giants also launched company wide cost-cutting measures, often cutting the number of contractors.

There were still 10 coal projects worth a total of $10.2 billion in the Bowen Basin, capable of creating at least 2800 building jobs and another 1610 to operate the mine.

On paper, the figures appear paltry when compared with $60.8 billion being invested in liquefied natural gas projects near Gladstone.

Those projects will employ up to 17,000 through construction and up to 3000 once operating.

To the west, $23.15 billion is to be spent in the Galilee Basin, which - if all were successful - would deliver 130 million more tonnes of thermal coal per year for export.

BREE senior economist John Barber said the Bowen Basin lacked the enormous plans plotted for other parts of the state.

"There aren't that many mega projects in the Bowen Basin," Mr Barber said.

"There are some large ones, worth more than $1 billion, but not of the scale of the thermal coal and LNG elsewhere in the state."

Mr Barber said although there appeared to be a slowing in some areas, other parts of the state were making up for it.

"It's never a good thing for a community to have a project delayed or cancelled," he said.

"But when you look at a (state) level instead of regional impacts, it has seen growth due to those LNG projects."

Federal Resources Minister Martin Ferguson warned that big numbers did not guarantee a booming industry.

He said while mineral prices remained low, challenges would persist.

"In the face of lower commodity prices, the delivery of this pipeline of projects is contingent on keeping production costs down, providing access to skilled labour and increasing our productivity and efficiency."

Topics:  bowen basin coal gas resources industry



Bureau warns Ipswich to be vigilant

Ipswich could see severe storms on Sunday.

Forecaster's message for residents

Three businesses moving into empty Top of Town shops

ON THE MOVE: Eyemode Eyewear owners Rachel and David Schilt are hoping to open at their new premises on March 13.

Empty shops will soon be full again

Life changing day for girl born with intestines outside body

Mayana Wyles - Dudman is excited to be playing in water in her new drysuit.

'You couldn't wipe the smiles off our faces'

Local Partners

Samuel L Jackson dismisses La La Land ahead of Oscars

'LA LA Land? I only made it through 20 minutes.' Samuel L Jackson reveals his Oscars choices.

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

Your guide to a great night out in Ipswich

Airlie Beach Festival of Music 2016 / Andrew Pattinson / Vampp Photography

Check out the city's live music scene here

Buderim dad rejects gay son's emotional plea for second time

LOVERS: Grant and Chris have been together for more than three years, and Chris' parents refuse to acknowledge their son's fiance.

Son’s emotional plea rejected again by unmoved father

WARNING: 'Sardine city' is on Ipswich's horizon

CONCERNED: The implications of the State's move to denser housing developments has Cr David Pahlke up in arms.

But Antoniolli says council can manage State's denser housing edict

Grand re-launch for new Nolan's Corner

GRAND PARTY: Wayne Kemp and Angela Love from Poison Arrow, Eliza Woodruffe from Limestone Emporium, Tess Claris from Voice Hair and Beauty and Kim Schubel from Schudio will all be at the grand launch party.

A feat worth celebrating

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

The suburb where house, land prices are spiking

ON THE RISE: 13 Kallatina Terrace, Karalee will go to auction on March 31. Karalee house prices went up 9.9% in the past year.

"It has good hospitals, universities and schools."

$1b Springfield development deadline brought forward

Aveo's Springfield development is running ahead of schedule.

The majority of interest has come from local buyers

Ready to SELL your property?

Post Your Ad Here!