According to The Australian Financial Review, mining and energy investment in Australia is likely to rise for the second consecutive year in 2021, marking a decisive turning point after a long, steep decline that set in after the resources boom peaked nearly a decade ago.
The Department of Industry said an ''inflection point'' in resources sector investment had been reached when $30 billion of projects were approved in 2019, with the value of committed projects rising to $39 billion in the year to October 2020.
New iron ore mines under construction by BHP, Rio Tinto and Fortescue Metals Group were a big factor in the rise, along with Adani's construction of the Carmichael mine and Arrow Energy's gas investment in Queensland's Surat Basin.
The surge in investment may have been bigger had it not been for the uncertainty created by the coronavirus pandemic, which prompted resources companies to defer billions of dollars worth of project decisions.
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