According to reports, the value of Australia’s mining and energy projects currently under development has reached a record A$113bn ($105bn) in October.

The Australian Bureau of Agricultural and Resource Economics has announced that the value of the nation’s advanced minerals and energy projects had risen by 40% since April of this year.

Experts believe the industry has been boosted by the approval of the A$43bn Gorgan LNG project, which is located off north western Australia.

Energy projects account for about 72% of all the country’s major future projects, while Western Australia states account for roughly 83% of the capital expenditure on advanced projects.