12 November 2010 - Russia Treaty will create uranium export opportunities

The Australian Uranium Association has welcomed the decision of the Gillard Government to ratify a uranium supply agreement with the Russian Federation.

“The Australian government of the day is best placed to determine with whom we should trade our uranium and we are confident the Gillard government has taken into account all the necessary issues,” said AUA Chief Executive Officer, Mr Michael Angwin.

The Russian Federation is a signatory to the Nuclear non-Proliferation Treaty. It has agreed to abide by all of Australia’s additional safeguards requirements, which have consistently been certified by Australia’s safeguards regulator as having prevented diversion of our uranium from electricity generation.

“This decision will open up market opportunities for Australian producers. It will be important now to press ahead to remove the ban on uranium mining in Queensland to ensure we have the capacity to supply the additional demand,” Mr Angwin said.

Australia has around forty per cent of the world’s uranium that can be recovered at reasonable cost. Yet we supply less than one fifth of the world’s demand.

“That is a clear indication of the opportunity for our industry,” Mr Angwin said.