“This is a record value and number of advanced projects and will lead to continued expansion in the production and capacity of Australia’s mining industry,” Mr Glyde said.

The record listing of 341 major projects is detailed in the report Minerals and energy: major development projects – April 2008 listing, released today by ABARE, and includes 244 projects which are still undergoing feasibility studies.

The $70.5 billion reflects 97 advanced projects, defined as being under construction or committed to. Since October 2007, 58 new projects have been added to the list and 22 projects have been completed.

Energy projects account for around 55 per cent, or $38.8 billion, of the estimated capital cost of all advanced major projects. Investment interest is also strong in iron ore (23 per cent), alumina (7 per cent) and gold (5 per cent).

Western Australia accounts for three-quarters of the capital expenditure on advanced projects, including 12 petroleum projects (valued at $27.9 billion) and 10 iron ore projects ($16.5 billion).

Queensland accounts for a further 13 per cent ($9 billion) of capital expenditure on advanced projects, with more than half of this in coal mining and infrastructure projects.

Mr Glyde said global skills shortages and higher materials and construction costs continue to have an impact on the timing and overall costs for some projects.

“Project cost pressures and delays are a challenge for the global mining industry and are expected to continue in the short to medium term while this level of development activity continues.”