12 November 2009 - Uranium exports top $1 billion for the first time

 

Despite a slight drop in volume, the value of Australian uranium exports exceeded AUD 1 billion for the first time during 2008-09, according to the Australian Safeguards and Non-proliferation Office (ASNO). 

In its Annual Report, recently tabled in Federal Parliament, ASNO says the volume of exports of Uranium Ore Concentrate (UOC) was 10,114 tonnes in 2008-09. The realised value was AUD1,033 million.

The increase in value came despite a small drop in volume from 10,140 tonnes of UOC exported in 2007-08, realising export income then of AUD 882 million. 

ASNO says the increase in value is attributable to the renegotiation of expiring long-term supply contracts at higher prices.

“Uranium prices have begun to increase in anticipation of the completion of the US–Russia Megatons to Megawatts program in 2013,” ASNO says in the report.

(The Megatons to Megawatts program involves the transfer of dismantled Russian nuclear weapons grade uranium to the US for downblending into civilian reactor fuel.)

“It is clear that new mines will be necessary to meet current, as well as future increases in demand,” ASNO said.