Major projects pipeline soon to flow again

Rio Tinto

Australia’s resources and energy sector will see jobs and projects abound in the coming years, with the committed pipeline’s value increasing 24 per cent in the 2021 major projects report.

According to the report, the Department of Industry, Science, Energy and Resources counted 79 committed projects in 2021 with a combined worth of $54.3 billion.

A total of 15 projects with a combined worth of $10.1 billion were completed in 2021, while a further 273 projects were publicly announced or reached the feasibility stage.

The committed jobs pipeline is expected to create about 25,100 construction jobs and 8300 ongoing jobs, according to the report.

The value of gold and battery/electric vehicle-related projects rose by 36 per cent and 12 per cent, respectively, in 2021.

Resources Minister Scott Stewart spoke for Queensland’s prospects in the wake of the major projects report as well as yesterday’s Resources and Energy Quarterly report.

“The Government identified the growing demand for these new economy minerals several years ago and we continue to drive exploration, investment and downstream processing,” Stewart said.

“These latest reports are further proof that our early work is starting to yield results and the state stands to benefit from growth in these minerals.”

The only commodities to see a drop in project value from 2020 to 2021 were coal (down 7 per cent), LNG, gas and petroleum (down 15 per cent), and nickel and cobalt (down 13 per cent).

Meanwhile, aluminium and bauxite, copper, critical minerals, gold, infrastructure, iron ore, lead, zinc and silver all saw growth year-on-year.

This major projects report was the first time hydrogen, ammonia and carbon capture and storage (CCS) projects had been included, which accounted for $185 billion worth of investment.

Stewart added that these sectors were integral to Queensland’s recovery from COVID-19.

“Our economic recovery plan is about identifying jobs in traditional and emerging industries, including hydrogen and manufacturing,” he said.

“That is why one of the proposed actions in our draft resources industry development plan is to review existing legislation to ensure we are ready for hydrogen and other clean resources to be used in our homes.”

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