Australia's mining industry rides high on Asia's economic wave

The mining industry in Australia is rapidly developing, contributing to enhancing the international economic profile of the country. Though the local mining industry represents a relatively small part of the Austraian economy, it is giving a greater significance for the overall growth numbers than other large sectors. Mineral resources also have a huge role in the country's international trade, with mineral exports being worth A$67.6 billion in the year 2004/05. The rewarding potential for Austraia to capitalize on a step-change in demands for raw materials used in steel production is driven by current rapid rates of economic growth in large Asian markets.