Uranium prices may surge as much as 45% to $US58 a pound by mid next year according to the AFR. There is an international boom in use of nuclear fuels for power generation. Yet state branches of the Australian Labor Party refuse to allow new sources of uranium exports, for example, from Western Australia.
As the International Herald Tribune points out:
Australia has about 37% of the world’s known low-cost uranium resources, worth about $100 billion (Aust)….yet it lags Canada as a producer….
Last year Australia exported a record 12,360 metric tons of uranium ore, valued at $573 million, the government estimates. Uranium prices have surged almost four-fold since 2003 as demand increases from countries like China, yet no new mines are being developed in Australia because of bans by state governments.
China needs non-greenhouse-polluting polluting uranium to expand its industrial use of energy and Australia should supply it. The ALP Neanderthals are starting to rethink, if not out of any sense of commercial reality then because they understand this continued stance will mean well-justified electoral oblivion. Even the Green movement is pulling its head out of its posterior and recognising the global environmental values of switching to nuclear options.
We should improve our economy and the global environment by removing constraints on the development of new uranium mines in Australia.