THE HON KEITH PITT MP
Minister for Resources, Water and Northern Australia
Member for Hinkler
A growing pipeline of projects attracting major investment will ensure Australia’s resources and energy sector will remain a significant long term contributor to our national economy and create thousands more jobs as we recover from the COVID19 pandemic.
The 2020 Resources and Energy Major Projects reportshows a 19 per cent increase in the number of resources and energy projects under development in 2020 compared to the previous year.
Minister for Resources, Water and Northern Australia Keith Pitt said the report, compiled by the Department of Industry, Science, Energy and Resources, demonstrates Australia’s strength as an exploration and investment destination.
“The resources sector has provided the bedrock for the Australian economy through COVID and this confirmation of growing investment shows how important it will be to the Coalition Government’s COVID recovery strategy going forward,” Minister Pitt said.
“It’s been the capital investments of the past decade that supported the industry, and our economy, through 2020 and it’s good to see there’s a lot more investment on the way.
“The benefits to Australia from the investment pipeline will be significant,” Minister Pitt said.
“There is $39 billion in committed project investment and more than $100 billion in early stage projects that are likely to proceed.
The Resources and Energy Major Projects report highlights 335 major projects under development, over 50 more than this time last year, covering around 20 commodities.
Growth has been spurred by record gold prices and expectations of growth in the demand for critical minerals, used in battery-related commodities and other modern technology.
“The investment profile shows the emerging opportunity for Australia’s battery commodities, including nickel, lithium and cobalt,” Minister Pitt said.
“With strong investment in production and processing facilities, Australia is well positioned to take advantage of booming demand for these commodities. “
Minister Pitt said the outlook for resources and energy investment was good news for jobs and economic growth, particularly in regional Australia.
“Development projects build future economic activity and create new jobs. Around 20,000 construction jobs and more than 7,000 ongoing jobs are expected from the committed and recently completed projects,” Minister Pitt said.
“This investment will boost incomes and jobs in Australia’s towns and regions, and contribute to the prosperity of all Australians.”