Business Review Australia reported that Worldwide mining projects are in the range of USD 1.5 trillion.

Market intelligence agency Industrial Info said that global demand for mined resources, including coal, iron, copper, gold and aluminum has spiked over the past 10 years, driving a worldwide mining boom.

Resource rich countries including Australia, Brazil, Canada, China, Peru, Russia and South Africa have benefited from growing capital expenditures aimed at developing mining projects. Countries like China and India are investing worldwide to secure resources that will feed growing domestic demand. Toward the end of 2012, demand began to taper off in some markets, leading major mining firms including BHP Billiton and Rio Tinto to cut back production and capital spending, effectively ending the mining boom. Capital expenditures continue to decline in 2013.

However, the bow wave of mining projects that have kicked off over the past three years will push actual capital spending in 2013 higher than 2012. At the same time, many mining firms are putting off new project construction, so construction starts are expected to decline in 2013, leading to a reduction in actual spending for 2014. Peabody Energy has slashed 2013 capital expenditure plans 50% to between USD 450 million and USD 550 million, in order to pay off debt.

While the short-term prospects for mining project development remain volatile, the long-term prospects for the industry are bright as growing urbanization in developing nations will continue to boost demand for mined products.