There have been mixed comments coming from Labor on the issue, with Senator Penny Wong last week contradicting Resources Minister Martin Ferguson's earlier assertion that "the mining boom is over".
Mr Ferguson later released a statement saying he was not at odds with his Cabinet colleague, saying "the commodity price boom is over, but in terms of investment in Australia, the boom continues".
Some leading analysts fear the resources cycle will shift from boom to bust, as China's economy grinds down, and the fallout for Australia's economy and the federal budget could be severe.
The shelving of the Olympic Dam mine expansion is a major blow to the South Australian economy.
The richest resources boom in history has boosted the nation's income, filled the Government's coffers and helped Australia achieve a record 21 years without recession.
But with the coal industry already shedding jobs, investment analysts say the peak has come and gone.
Mr Emerson has dismissed suggestions the mining boom is going bust, telling the ABC's Insiders program the good times are far from over.
"When you get a huge demand for labour - and that's what's happening in this country with the unemployment rate coming down - then you will see some increase in costs," he said.
"But the truth of the matter is, according to private forecasters, we're not even halfway through the mining investment boom, let alone the production boom.
"We've got a lot of projects still to be formally commenced but the investment is pouring into them and a hell of a lot of projects in the investment pipeline."
Speaking to 7:30's Leigh Sales last week, Opposition Leader Tony Abbott said the mining and carbon taxes were partly to blame for BHP Billiton's decision to delay the expansion of its huge Olympic Dam mine.
But Mr Emerson says investment in Australia is at a 40-year high, and for the last 12 months it grew by 20 per cent.
"Sure, on prices we're over the peak but we're still up high," he said.
"What happens in the mining boom, the first thing when you get a big increase in demand, prices go up, then investment goes up and then production goes up.
"So, what we've seen is prices come off a bit from the very high levels but we've still got more than half the investment to go, and then we've got the production to come on stream.
"So that's all very good news for Australia and for the working people of this country."