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Mon, 27 Aug 2007 09:08:19 GMT

Australian uranium miners may see exports to India

Fri, 09 Feb 2007 07:04:20 GMT

9.01.2007, BHP close price : 28.06
http://www.wabusinessnews.com.au/en-story/1/48838/Australian-uranium-miners-may-see-exports-to-India

It might not be too long until Australian miners are able to export uranium to India, expanding the market for producers of yellowcake like miner BHP Billiton Ltd.

BHP Billiton owns the world's biggest uranium resource, South Australia's Olympic Dam and rival Rio Tinto Ltd has said it wants to become more involved in supplying uranium.

Meanwhile, a flurry of initial public offerings in uranium companies has been seen on the local bourse.

The chairman of the Australian government's review into uranium mining, processing and nuclear energy, Dr Ziggy Switkowski, doesn't think India will be too far behind China in buying uranium from Australia, after Chinese sales got the green-light in December.

"I expect that India could join the nations to which we export (uranium) in the not too distant future," Dr Switkowski said.

That could be any time in the next decade although it was essentially a decision to be made by politicians.

"It is dependent on the working out of the political process," he said.

"My understanding is that there has been a lot of progress in the last 12 months."

Dr Switkowski, speaking after an address to the Uranium Club of Australia in Melbourne, also said another possible area business area that may emerge locally as nuclear energy becomes more widely used worldwide was storage of waste.

"Long-term storage of spent fuel rods might be an emerging business opportunity for Australia," he said.

While the issue of nuclear waste is politically-charged, Dr Switkowski said waste was a fact of life, not just in nuclear power generation.

"We do, as a country and community produce a lot of waste," he said.

"We have to deal with it."

But he said should Australia decide to take up nuclear power generation, it will not pose a threat to more traditional energy sources, such as coal.

"Eighty per cent of China's electricity is coal and their economy is growing at 10 per cent a year," Dr Switkowski said.

"Demand for our primary products is sure to be high for a very long time."

A possible carbon trading system has been mooted in political and business circles in Australia, and while it may be some time off, Dr Switkowski says that if the cost of emissions is factored into coal, eyes will immediately turn elsewhere for more climate-friendly sources of energy.

"It will stimulate investment in all forms of clean energy, not just nuclear," he said.

He gave geothermal, wind and tidal energy as examples.

The uranium report by the committee Dr Switkowski headed up was released formally last December, after a draft was released last November.

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Australian uranium miners may see exports to India