Minerals spike

AUSTRALIAN mineral resource export earnings increased by

7 per cent during the March quarter to $11,000 million according to the Australian Bureau of Agricultural and Resource Economics.

Exports of crude oil and other refinery feedstock were the largest contributors – accounting for 70 per cent or $499 million.

The index of export prices rose 5.5 per cent during the quarter.

Prices for the energy minerals component increased 8.7 per cent while the metals and related minerals prices increased 3.3 per cent.

Price increases were due mainly to a higher $US and a lower $A exchange rate.