Business

Record investment in LNG projects

FEDERAL Mines Minister Martin Ferguson used research showing record investment in Australian mining, giving credit to the speed at which LNG projects were being developed.

In all resource industries, including associated infrastructure, there were $260.7 billion in 98 projects that were ready to build.

Of those, $75 billion would be spent on 29 developments in Queensland alone.

That figure was dwarfed by the exponential growth in both projects being planned in Western Australia, which had 41 projects ready to go worth a total of $135 billion, or half the national total.

Minister Ferguson said LNG projects, including one near Gladstone, were largely to thank for the new cash flowing into the country.

"During this reporting period we have seen the final investment decision on the $34 billion Ichthys LNG project in the Northern Territory, the advancement of the Greater Western Flank gas field, and the $5 billion increase of the BG Group's Curtis Island LNG project."

Energy projects now account for 39 of the 98 advanced projects. This equates to $197.4 billion, or 76 per cent of committed capital expenditure.

Iron ore continues to remain a key part of the resources industry, with 15 projects in the advanced stage of development committing $25.6 billion in capital expenditure.

"BREE has also reported that there are 295 projects at the less advanced stage, with an estimated capital value of over $243 billion," Minister Ferguson said.

"These new projects will continue to have a huge impact on our economic development and will provide new employment opportunities for thousands of Australians."

Topics:  lng, martin ferguson, mining boom


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