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RPT-UPDATE 2-Australia boosts mineral exports, but coal targets tough

Reuters Wednesday 2nd October, 2013

Wed Oct 2, 2013 5:45pm EDT


* Australia eyes 6 pct rise in thermal coal exports in 2013/14

* Boost comes amid supply glut and stiff competition

* Analysts doubt all new coal mines will be developed

* Iron ore exports forecast to leap 17 pct after mine expansions

By James Regan and Rebekah Kebede

SYDNEY/PERTH, Oct 2 (Reuters) - Australia forecast solid growth over the next five years for two of its biggest export earners, iron ore and thermal coal, but analysts warned it may struggle to meet targets for coal as global demand growth fades.

Iron ore exports are forecast to jump 17 percent in 2013/14 and average 8 percent growth over the next five years, despite softening demand growth in China, the Bureau of Resources and Energy Economics (BREE) said in its latest quarterly report.

Australia controls two-thirds of the world seaborne market for iron ore and giant, low-cost producers such as Rio Tinto , BHP Billiton have been spending billions to boost capacity.

Read the full story at Reuters

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