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2025 was a relatively healthy and stable year for investment in Australia’s resource and energy sector.
According to the Australian Government’s Department of Industry, Science and Resources’ Resources and Major Projects Report, a total of 21 projects worth AU$11 billion were completed in the past year, while 72 projects, including expansions and reactivations, were added across all stages.
The past year in numbers
The report outlined data recorded as of October 31, 2025, starting with 432 major resource and energy projects under development. This is up by 25 more than its previous 2024 record, which was 407.
Besides the 21 completed projects mentioned earlier, the Australian resource industry also had 14 projects receive final investment decisions and proceed to the committed category.
“This rate of progression is broadly consistent with recent years. It suggests project owners are successfully managing an uncertain global environment, a rapid transition towards emerging commodities, including rare earths, that support the global low-carbon energy transition and other forms of technological change,” the government wrote in the report.
In terms of value, there were about AU$1.9 billion worth of committed Infrastructure projects in 2025. These cover new and expanded gas pipelines, resource processing, port and rail upgrades and decarbonisation projects.
However, the value of committed projects declined from AU$65 billion to AU$62 billion, given that select committed projects advanced to completion.
It is worth noting that oil and gas projects continue to make up the largest share of committed projects by value.
Moving forward, there are 280 projects that have been publicly announced. 63 out of these are committed or have taken a final investment decision, while 68 are at the advanced feasibility stage.
Out of the 280 publicly announced projects, 37 are iron ore, 35 are coal, 32 are infrastructure, 29 are oil and gas, 18 are gold, 17 are copper, 13 are nickel/cobalt, 9 are lithium, 7 are uranium, 6 are lead/zinc/silver and 5 are aluminium/alumina/bauxite.
The remaining 72 fall under the other commodities category.
Gold, copper and iron ore take the lead
In general, gold, copper and iron ore remain in the spotlight. While not always in the lead numbers-wise, gold hit some of its highest prices in 2025, supporting strong activity in its mining sector.
There was a total of 45 projects in the year, up from the 2024 record of 38.
The yellow metal is also drawing the largest interest in terms of mineral exploration, attracting the most exploration expenditure over the past decade.
Data suggests that gold exploration expenditure increased to AU$1.3 billion in 2024 to 2025, second to its 2021 to 2022 peak of AU$1.6 billion.
Gold exploration also currently contributes 34 percent to Australia’s total exploration expenditure.
As for copper, 2025 was a steady year. Total capital expenditure reached AU$16.1 billion like in 2024, while a total of five new expansions and developments summed to a value of AU$0.7 billion.
Copper also saw its number of projects rise from 29 in 2024 to 32 in 2025. Eighteen of the 32 projects are at the publicly announced stage, including the Olympic Dam smelter expansion, which is expected to more than double the site's copper production capacity.
Iron ore saw significant growth in its project activity, having two completed in 2025 and three advanced to the committed stage.
“Capital expenditure for advanced projects (those that have reached advanced feasibility or the committed stages) increased from AU$8.1 billion in 2024 to AU$12 billion in 2025,” the report outlined, adding that iron ore investment also increased in 2025 due to certain projects.
Mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO,OTC:RTPPF) made a lot of progress in its iron ore portfolio in 2025, announcing a AU$2.8 billion investment in the Brockman Syncline 1 mine project (BS1) in March, with first production expected in 2027.
Together with Hancock Prospecting, Rio also announced in June that they have received all necessary approvals for their AU$2.5 billion Hope Downs 2 project, also expecting production in 2027.
In the same month, Rio’s AU$2.9 billion Western Range project, a collaboration with Baowu, commenced commercial production.
In October, Rio also publicised an investment of AU$1.1 billion to expand the West Angelas mine.
With changes as such from a large company, the total estimated value of iron ore projects in the committed stage increased from AU$6.3 billion in 2024 to AU$9.6 billion in 2025.
A total of 42 iron ore projects are yet to reach the committed stage, with 5 projects reaching advanced feasibility.
Mentioned in the report are the West Angelas Sustaining Project by the Robe River Joint Venture (formed by Rio Tinto, Mitsui and Nippon Steel), Mindy South proposed by Fortescue (ASX:FMG,OTCQX:FSUMF,OTC:FSUMF) subsidiary Chichester Metals, Ministers North primarily owned by BHP, together with Mitsui & Co and Itochu Corporation, Lamb Creek by Mineral Resources Ltd (ASX:MIN,OTC:MALRF), and Mulga Downs by Hancock Prospecting.
The Collie Green Steel Mill project by Green Steel reached advanced feasibility in 2025.
Critical minerals
A total of 130 critical minerals major projects made it to Australia’s list in 2025, 11 projects more than 2024’s 119 record.
Dominating the list are early-stage projects, accounting for 70 percent of the total count.
Location-wise, 65 out of 130 projects are in Western Australia. Queensland has 22, 11 are in the Northern Territory, South Australia, New South Wales and Victoria each hold 10 and Tasmania has 2.
The report mentioned several critical minerals projects that made “notable progress,” including Northern Minerals’ Browns Range rare earth project, which delivered a definitive feasibility study in September 2025. Larvotto Resources also made a final investment decision on its Hillgrove gold-antimony project in July, while both the Pilgangoora P1000 expansion and Covalent’s Kwinana Lithium Refinery were completed within the year.
Rare earths projects such as Arafura Rare Earths' (ASX:ARU,OTC:ARAFF) AU$1.8 billion Nolans Project, expected to reach a final investment decision in early 2026, were also noted. Nolans has secured more than $1,300 million of funding from the Commonwealth Government, as well as a range of other domestic and international investors.
Northern Minerals Limited (AU:NTU,OTC:NOURF)’ Browns Range project and Astron Corp (ASX:ATR,OTC:ATRNF)/Energy Fuels' (NYSEAMERICAN:UUUU,TSX:EFR) Donald rare earths project are both anticipating a final investment decision as well.
Meanwhile, Lynas Rare Earths' (ASX:LYC,OTC:LYSDY) Mt Weld Expansion works are close to completion, and Iluka Resources' (ASX:ILU,OTC:ILKAF) AU$1.8 billion Eneabba rare earths refinery is on track to be commissioned in 2027.
Investment in energy commodities
Progress in energy investment “has helped,” the report said.
The country’s coal projects were practically unchanged, with developments mostly limited to brownfield projects. A total of 40 were recorded in 2025, a bit down from 2024’s record of 47.
Still, three projects were completed, with all of which being expansions to existing mines.
For oil and gas, 50 projects were recorded as under development in 2025. 13 of these (worth around AU$33 billion) are at the committed stage.
“These projects include large investments in Western Australia and the Northern Territory, which should help to maintain Australia’s LNG exports for the next 10 years.”
The battery active materials pipeline was also noted by the report to remain unchanged, mentioning projects such as International Graphite's (ASX:IG6,OTC:IGRPF) 4 kilotonnes per annum graphite micronizing facility at Collie, Western Australia and RENASCOR FPO's [RNU] (AU:RNU,OTC:RSNUF) AU$772 million Siviour purified spherical graphite project targeting 100,000 tonnes a year across both Stage 1 and Stage 2.
Will 2026 be Australia's resource boom?
Most projects currently committed are expected to be completed by late 2027.
It is, however, worth noting that projects this year have been designated as ‘other’ rather than providing a date.
The report said that the ‘other’ category is used in a range of cases, including, but not limited to, when no date is provided publicly by the project proponent, when recent information on the completion date is not publicly available, or if a project has an expected completion date after 2030.
Still, the progress demonstrated by key projects and resources in Australia holds potential for a mining boom this year.
On top of this, research company BMI said in a report that commodity price hikes are anticipated for 2026. This was attributed to easing trade tensions, posing a positive outlook for the year ahead.
“Governments will push a twin-track strategy: scaling domestic capacity while locking in overseas supply via investment and strategic partnerships,” BMI said.
The report also underlined continuing efforts to reduce dependence on Chinese resources, with strategies such as targeted critical minerals capacity expansion and greener manufacturing practices.
M&A activity is also expected to be seen at a rising slope, building on its progress in 2025. Assets and resources around critical minerals, including copper, lithium and rare earths are expected to be consolidated across companies.
“We hold a cautiously optimistic outlook for 2026, expecting most mineral and metal prices to edge higher, supported by declining tariff uncertainties, robust demand from sectors linked to the transition to net zero and tighter supply.”
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
