World's second biggest mining company Rio Tinto has said big opportunities are opening up for Australia to meet growing world demand for uranium.

Rio Tinto Chief Executive Leigh Clifford made the comments after the mining giant on Thursday announced its net profit for 2006 jumped 43 percent to 7.44 billion U.S. dollars.

It is the second biggest profit in Australian corporate history.

"We have got some prospects for increasing our uranium production in the two-to five-year time frame," Clifford told Australian Broadcasting Corporation radio from London Friday.

"So in the relatively short time frame, and clearly the nuclear power industry is going to be supplied with uranium from somewhere, there is a real opportunity for our group and Australia to be the supplier and be the reliable supplier," he said.

He also said he believed there was still some life in the resources boom.

"Firstly you are seeing global growth in 2007, predicted to be around plus four per cent," he said.

"You are seeing strong growth in China, an improved situation in Japan from a couple of years ago, quite reasonable growth in Europe a bit of uncertainly in the U.S. but I think quite encouraging," he added.

"China is very very important. Economic activity in China is very important for the world. It is most important for our iron ore business but it impacts on a range of other metals and when you visit China you can see where that metal is being consumed," he said.

While announcing its record profit for 2006, the company said the significant growth was driven by strong demand for iron ore and copper from the burgeoning Chinese market.

Source: Xinhua