Mining soars record 34% in six months

THE constant flow of investment in the Australian mining industry was yesterday confirmed to be at a record $231.8 billion at the end of October 2011. That's an astonishing 34% increase in just six months.

The true nature of the industry's ruthless growth was made clear with the release of the Federal Government's Bureau of Resources and Energy Economics October 2011 report on Industry Major Projects.

The $231.8 billion consisted of a record 102 projects at an advanced stage of development, including 40 minerals projects, 37 energy projects, 21 infrastructure projects and four mineral processing projects.

BREE executive director and chief economist Quentin Grafton said the expenditure will underpin growth in Australia's mineral and energy exports.

"Significant growth in coal, iron ore and gas exports are expected to occur over the medium and long-term, underpinned by the capital investment that is occurring in these sectors," Professor Grafton said.

Oil and gas, iron ore and coal and associated infrastructure accounted for around 93% of the total committed capital expenditure.

Queensland accounts for about 30% of expenditure on advanced projects.

Final investment decisions are still to be made on a further 302 emerging projects.

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