Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Friday, January 26, 2007

Meanwhile, Mining Boom in Australia Goes Full Throttle

Boom drives mineral exploration to 30-year high

MINERAL exploration has hit a 30-year high, with miners scrambling to take advantage of a resources boom that is propping up the national economy.

More than $1.2 billion was spent on mineral exploration in 2005-06, double what the industry spent in 2001-02.

Read the rest by CLICKING HERE. Basically, Australian Mining is a boom town. Western Australia is at a fever pitch, raking in fully half of all exploration money spent in Australia. Spending on uranium exploration has increased five-fold from 2001-2002, to $56.1 millionn from $8.7 million.

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