SA riding the storm

Rex Minerals’ discovery of uranium, copper and gold mineralisations on South Australia’s Yorke Peninsula is a sign the State is continuing to prosper despite the financial crisis, SA Minister for Mineral Resources Development Paul Holloway said.

“The announcement by Rex Minerals is a further sign South Australia’s mining industry is weathering the international economic storm and again registering significant discoveries,” Holloway said.

“This Government continues to be heartened by the strong interest in mineral exploration in this State, including the search for uranium deposits.

“We expect mining companies to look through the short-term weakness in the market due to the current global downturn and continue to work toward the long-term goal of tapping South Australia’s huge mineral potential

According to Holloway, the interest in uranium exploration is the result of the federal government to abandon the no new mines policy.

“By insisting all uranium mining is conducted at the highest standard, South Australia is able to play a key role in supplying the growing world demand for low emission fuels such as uranium,” he said.

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