After seven years of declines or zero growth, investment in Australia’s resource projects has turned the corner over the past year, driven by record gold oil prices and accelerating battery technology uptake in the energy transition.
The value of committed projects—those where a final investment decision (FID) was taken—in Australia’s resource and energy sector jumped by 30 percent between November 2019 and October 2020, marking a turning point in the cycle and a change in investment style, the Australian Government said in the latest edition of its Resources and Energy Major Projects report published on Monday.
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