Uranium Exploration Boom Embraces Western Australia

Published on Wednesday November 02 2011

The size of Western Australia's uranium industry has grown exponentially, almost quadrupling in the last four years.

The WA Mines Department has reportedly released data showing 46 companies have been licenced to explore for uranium since 2008, according to The West Australian.

It also released figures showing exploration expenditure reached an all time high of $100 million.

This was driven by a 277% increase in uranium exploration investment since FY 2007/08, when only $26.7 million was invested.

The Australian Uranium Association (AUA) say the state is ahead of the rest of the nation in uranium exploration.

"The results are a strong sign of the confidence the uranium industry has in the medium and long-term outlook for the nuclear industry," it added.

Mining financial services and analysis firm Mine Life agreed.

Gavin Wendt, director of Mine Life, said that nuclear energy has bright future ahead.

He pointed to Rio Tinto's recent acquisition of Canadian firm Hathor Exploration for US$ 570 million as a sign that uranium is in demand.

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