Bloomberg quoted research group BIS Shrapnel Pty said investment in Australia resources sector will surpass AUD 80 billion annually by 2015 boosted by development projects in oil and gas, iron ore, coal and copper.

Mr Adrian Hart senior manager of infrastructure and mining at BIS Shrapnel said in a report “Demand for metals and minerals continue to be driven by the long-term industrial development of China and India. Mining companies are not overly perturbed by current global economic conditions or the prospect of new Australian taxes on resource profits or carbon.”

He said that China the world biggest metals’ buyer and Australia largest trading partner, grew at an average pace of 9.5% 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.

Sydney based BIS Shrapnel said mining investment in Australia rose 11% in fiscal 2011 recovering after new projects were shelved during the global financial crisis. Investment in fiscal 2011 was AUD 50.1 billion and will increase a further 66% to AUD 83 billion by fiscal 2016.

(Sourced from Bloomberg)