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




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Men’s Shed saves Spiro’s blushes

Kevin Watkins and Warren Moss from the Grafton Men's Shed look at the piano stool created for the Saraton Theatre made from the wood from the cut down pecan trees at Grafton Public School.

Grafton Men's Shed make most of parting gift from Spiro Notaras

Down to business: 10th Kensei Club a bookies' nightmare

McKimm's director Adam Crawley moves his horse one step closer to the end in the "Kensei Cup" at the Kensei Club Dinner Draw at the CRJC.

Kensei Club newcomers win Grafton and Jacaranda Cup naming rights

Collett hattrick in Ghosts demolition

TRY MACHINE: Grafton Ghosts' centre Dylan Collett scored a hat-trick in the home side's rout of the Bellingen-Dorrigo Magpies.

Grafton Ghosts clip Magpies' wings in dominant victory

Latest deals and offers

Perfect time to invest in Northern Rivers property

The Northern Rivers rental market is tighter than Sydney making it the perfect time for investors to get better returns out of property than superannuation or banks deposits.

Low interest rates and tight rental market are prime time to invest