LATEST AUSTRALIAN BUSINESS NEWS
Australia’s uranium export earnings jumped 30 per cent over the last financial year, increasing from $364 million to $475 million in 2004-05, according to the
Australian Bureau of Agriculture and Resource Economics (
ABARE) Mineral Statistics Report released on 7 September. Australian Industry Minister, Ian Macfarlane, said the growing global thirst for uranium was reflected in the ABARE figures which have not before recorded such a jump in demand for the commodity. Coking and steaming coal continue to top Australia’s resource export charts, with export earnings leaping ahead 65 per cent and 45 per cent respectively, but uranium is coming through as a potentially strong performer for Australia.
There are approximately 450 nuclear plants in 32 countries and the price of U308 (uranium oxide) has almost doubled in just the last 18 months. In January 2004 it was A$20 a pound compared with A$39 in August 2005.
The local industry is responding to this increasing global demand with reports from the Minerals Council that as many as 25 mining companies are now exploring for uranium in Australia’s Northern Territory. The ABARE report reported a record of $67.4 billion in mineral export earnings for 2004-05, an increase of nearly $15 billion or 29 per cent from the previous year
For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.
David
david.taylor@agarcarlyon.com
<< Home