(EnergyAsia, June 6 2012, Wednesday) — Australia’s mining sector including coal, iron ore and liquefied natural gas (LNG) pulled in a record US$260.8 billion worth of investment commitments as of April 30 2012, up 12.5% from the last update by the Bureau of Resources and Energy Economics (BREE) six months ago. (US$1=A$1.04).

The money was spread across a total of 98 projects which were at an advanced stage of commitment or under construction. This included 39 minerals projects, 38 energy projects, 19 infrastructure projects and two mineral processing projects, said BREE.

Seven LNG projects accounted for over 60% of the A$260.8 billion committed capital expenditure. When completed and operating at capacity in the second half of this decade, the projects will turn Australia into a world leading LNG exporter.

Quentin Grafton, BREE executive director and chief economist, said:

“The majority of the investment to expand the world’s LNG supply capacity is taking place in Australia because of our relatively large gas reserves and proximity to the Asian markets.

“The continued growth in committed capital expenditure will result in significant increases in Australia’s supply capacity of LNG, iron ore and coal.”

BREE added that in the six months to April 2012, Australia completed 25 projects worth a record A$23.6 billion, almost double the previous record value of A$12.5 billion for achieved in the six months to April 2008.

The record value of completed projects was underpinned by the completion of the near A$15 billion Pluto LNG project and the A$3.4 billion expansion to the Worsley alumina refinery.