Only a quarter of Australia's mining companies are looking to invest in major projects this year, further fuelling concern the mining investment boom is over.
A report released today says the mining industry appears to be in survival mode, with just 25 per cent of Australian companies planning to invest in major capital expenditure projects in the year ahead, compared to 52 per cent last year.
The Mining Business Outlook report, compiled by Newport Consulting, also found that only 20 per cent of mining leaders were very optimistic, down from 57 per cent last year, and more than a third were not optimistic, compared to just 13 per cent last year.
"Across the board, we've seen a significant shift in sentiment to the negative in the belief that commodity prices will remain high enough to make future investments pay off," the report's author David Hand said.
Four years ago, mining companies were confident that commodity prices would remain high, but are now reassessing their future capital expenditure.