ABARE’s report listed 192 major projects, 62 of which were in advanced stages. Coal and petroleum made up 40% or $11.1 billion of the advanced listing.

“This is a record number of advanced projects and, at $21.4 billion, the total value of these advanced projects is the highest in six years,” said ABARE executive director Brian Fisher.

Two new coal mines were brought into production late in 2003. BHP Billiton’s Mount Arthur North mine near Muswellbrook was developed at a capital cost of $645 million and will produce around 12 million tonnes a year of thermal coal by 2006.

In Queensland, Macarthur Coal’s $67 million Moorvale mine, near Coppabella, is expected to produce around 1.6 million tonnes a year of PCI coal.

Looking ahead, ABARE’s project list indicates the rate of project completion will accelerate, with another 27 major projects scheduled for completion in the remainder of 2004.

There are 33 significant projects at less advanced planning stages new to ABARE’s list

since October 2003. Coal made up the largest chunk with nine new projects.

Less advanced coal projects numbered 15 in Queensland and nine in New South Wales, with a potential capital expenditure of $3.78 billion.