Mining Weekly reported that uranium has the potential to be the next billion-dollar export industry in Australia, with an earning potential of up to AU$2 billion per year.

As quoted in the market news:

Despite being home to 32 percent of the world’s uranium resources, the country only accounted for 11 percent of global production, the Minerals Council of Australia (MCA) stated in a report titled ‘Uranium: Natural Energy’.

Australia produced 5 710 t of uranium during 2013/14, which generated earnings of AU$622-million.

Supported by growing production and world demand, Australia’s uranium export volumes were projected to increase at an average yearly rate of 10 percent to 8,900 tonnes in 2018/19, the MCA’s report noted. Export values were projected to increase at an average yearly rate of 17 percent to total AU$1.1-billion in 2018/19.

Click here to read the full Mining Weekly report.