IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Australia’s total investment in mining industry soared by a third in the past six months to a record $231.8 billion, according to the Bureau of Resources and Energy Economics latest Mining Industry Major Projects – October 2011 report.
The study, issued today, includes 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.
“Although uncertainty surrounds the outlook for future commodity prices, exploration expenditure is likely to remain high, provided resource prices remain high,” the report says.
Lead author and bureau resources manager Alan Copeland said 93 per cent of the projects involved oil, gas, iron ore and coal and totalled $6.2 billion – just shy of the highest amount on record and double the average of the past 30 years.
Canberra Times reports that the figures come just before Treasurer Wayne Swan issues the mid-year Budget update, which will show the turmoil in Europe has helped strip a further $20 billion from revenue over the next four years. He is expected to reveal further cuts to spending.
Western Australia accounts for about 64 per cent of expenditure on advanced projects with final investment decisions announced for the Wheatstone and Prelude LNG projects in the last six months.
There are now a record 102 minerals and energy projects that have reached a final investment decision.
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Mitch Johnson
Does anyone know of a company in Austrailia that needs jackleg or jumbo miners?
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