While this figure is skewed heavily by Chevron’s Gorgon liquefied natural gas development, which will alone cost some $43 billion to develop, ABARE said the figures reflected the growing demand for minerals as well as energy.
Iron ore, in particular, is running a close second to oil and gas projects in development spend.
Some 74 advanced projects in Australia are either under construction or committed, including 31 minerals projects.
ABARE’s figures show that Western Australia accounts for around 83% of the capital expenditure on advanced projects, while Queensland’s coal industry accounts for 8% or $9.3 billion of capex.
The largest coal mine development is Rio Tinto’s $US1.3 billion Clermont open cut in Queensland, with a capacity of 12 million tonnes per annum. The mine is due for completion next year.
Another Rio project, the $US991 million Kestrel project, will increase annual output by 1.7Mtpa.
In New South Wales, Xstrata Coal is aiming to finish its $1 billion Mangoola open cut in 2012. Felix Resources’ $405 million Moolarben open cut will start producing 8Mtpa next year and the longwall will add 4Mtpa, ramping up in 2012.
In other encouraging figures, 2008-09 expenditure on exploration in Australia’s minerals and energy sector came to $6 billion, up 10% from the previous year.
And despite talk of project deferral in the wake of the GFC, in the six months to October some 15 major minerals and energy projects with a capex of $3.9 billion were completed.
Of the eight completed energy projects, six were coal infrastructure projects worth $1.5 billion. Of the less advanced coal projects, 24 are in NSW, 42 in Queensland and one in WA.
Eighteen of those projects are new to ABARE’s list, including New Acland Stage 3, Monto Stage 2, Woori, Millennium expansion, Middlemount Stage 1 and 2, and Kevin’s Corner.
