Queenland's Uranium Mining Ban 'Nonsensical' Says Ian Macfarlane

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Sharp rises in the spot price for uranium have triggered an exploration boom for the mineral according to Australian Resources Minister, Ian Macfarlane.

Sharp rises in the spot price for uranium have triggered an exploration boom for the mineral according to Australian Resources Minister, Ian Macfarlane.

The latest figures on exploration expenditure by the Australian Bureau of Statistics (ABS) show a record investment in mineral exploration, driven by record prices for many mineral commodities and strong demand from China and India.

In the 12 months to March 2007, uranium exploration expenditure rose more than 70 percent to $77 million, with around 200 companies looking for uranium in 2006 - up from 34 companies in 2005.

"Most expenditure is in South Australia and the Northern Territory, the only jurisdictions that allow uranium mining," says Mcfarlane.

"While Western Australia and Queensland also have significant uranium deposits, nonsensical state government uranium mining bans mean those states arenít reaping these economic rewards."

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