While it started strong, 2012 saw commodity prices start to soften, and with this decline a number of major projects were put on the back-burner.
Using research from the Commonwealth Bank, we've put together a list of the five largest project cancellations last year, with the collection including developments from hard rock to natural gas.
All up the projects are worth around $106.3 billion, and feature a number of different commodities and operations, although iron ore, coal, and natural gas dominate the listing.
While the delays aren't good news for the health of the sector they don't represent a permanent end to many of the listed projects, with some companies temporarily shelving expansions until conditions improve.
Starting with the most expensive development, the full list is:
1) Olympic Dam expansion $20 billion (BHP Billiton)
2) Puto 2 LNG project $10 billion (Woodside Petroleum)
3) Oakajee project $6.3 billion (Mitsubishi Development)
4) Kurri Kurri aluminium smelter expansion $4 billion (Hydro Aluminium)
Image: Fairfax Media
5) Cape Lambert Iron Ore project $3.7 billion (China Metallurgical Group)
6) Mount Ida magnetite project $1.6 billion (Jupiter Mines)
7) Weld Range haematite project $1 billion (Sinosteel Midwest Corporation)
8) Rail network from Goonyella Riverside to Abbot Point $1 billion (BHP Billiton)
9) Port Hedland outer-harbour expansion $1 billion (BHP Billiton)
10) Kunioon coal mine expansion $1 billion (Tarong Energy)
Image: Six Degrees