The report titled ‘Resources and Energy Major Projects: October 2014’ has highlighted that during the six months to October just three projects worth $597m have received a final investment decision and moved to the committed phase.

BREE deputy executive director Wayne Calder said: "Declining commodity prices have continued to weigh on investment decisions with many developers revisiting project feasibility studies amid weaker than expected prices.

"The renewed industry-wide focus on improving productivity and lowering costs has extended to new projects. Developers are reassessing their plans and considering less capital-intensive options to improve the economics of their projects."

As of October, 44 resource and energy projects valued at $228bn were in the committed stage, compared to 48 projects valued at $229bn six months ago.

Transition to cheaper shale gas in the US has contributed to significant drop in prices of metallurgical coal and thermal coal.