Aussie resource projects hit by weaker commodity prices

Sydney

THE number of resource projects reaching financial commitment in Australia has fallen as sagging minerals and energy prices lead companies to tighten their belts, the government's chief commodities forecaster said on Wednesday.

In the six months to October, just three new projects worth A$597 million (S$660 million) reached the committed stage, the lowest number and value of projects in a decade, the Bureau of Resources and Energy Economics said.