Energy Resources of Australia Ltd. (ERA.AU) said Friday long-term demand for uranium remains strong and higher prices are expected.

The miner, a subsidiary of Rio Tinto Ltd. (RTP), said much of the new uranium supply planned in recent years hadn't materialized and at the same time demand forecasts continue to be revised upwards as countries increasingly turn to nuclear power to meet their energy needs.

"Overall, the supply and demand balance in uranium markets point to sustained higher prices in the medium term," ERA said in its annual report.

ERA said the most significant growth in demand for uranium in the next decade will come from China, but the demand outlook was also strong for many other major economies across Europe, Asia and North America.

-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313; alex.wilson@dowjones.com
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