Bloomberg
Australia to Spend A$80 Billion a Year on Resources
Edited by : AL CIRCLE
1 min read
Investment in Australia’s resources sector will surpass A$80 billion ($82 billion) annually by 2015, boosted by development projects in Alumina and other mineral resources, said research group BIS Shrapnel Pty.
Australia is the world’s major exporter of alumina, a raw material to make aluminum metal.
“Demand for metals and minerals continues to be driven by the long-term industrial development of China and India,” Adrian Hart, senior manager of infrastructure and mining at BIS Shrapnel, said in a report. “Mining companies are not overly perturbed by current global economic conditions or the prospect of new Australian taxes on resource profits or carbon.”
China, the world’s biggest metals’ buyer and Australia’s largest trading partner, grew at an average pace of 9.5 percent over the past four quarters, making it the fastest expanding major economy. The rise in mine investment follows the approval and start of several large projects that will proceed even if global economic conditions remain weak, Hart said.
Australia is the world’s major exporter of alumina, a raw material to make aluminum metal.
“Demand for metals and minerals continues to be driven by the long-term industrial development of China and India,” Adrian Hart, senior manager of infrastructure and mining at BIS Shrapnel, said in a report. “Mining companies are not overly perturbed by current global economic conditions or the prospect of new Australian taxes on resource profits or carbon.”
China, the world’s biggest metals’ buyer and Australia’s largest trading partner, grew at an average pace of 9.5 percent over the past four quarters, making it the fastest expanding major economy. The rise in mine investment follows the approval and start of several large projects that will proceed even if global economic conditions remain weak, Hart said.
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