Australia India Uranium Deal - Mining boost for Australia

Australian India uranium deal goes ahead

Australian government signs uranium export agreement with India

Australia India uranium deal

Previous to the iMINCO news on Queensland uranium mining set to explode, there is additional evidence to affirm the Queensland government’s action to lift uranium mining bans.

Only yesterday, Australia and India have supposedly struck a new deal whereby India would import Australian uranium. The negotiations have been ongoing for a couple of years now because of the concerns around uranium being used to fuel India’s nuclear arsenal (which is currently about 100 warheads).

To meet the growing demands of the burgeoning Indian population, their internal nuclear program has been ramped up to 20 nuclear power stations which supplies about 4 per cent of the nation’s electricity needs.

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The decision to supply India with uranium is highly controversial because India has refused to sign the Nuclear Non-Proliferation Treaty. This is also dangerous as India and it’s neighbour Pakistan, which is also nuke-ready, have been fighting each other since 1947.

Tony Abbott could be on his way to India next month

Despite these concerns, Prime Minister Tony Abbott could be on his way to India next month sign the agreement in person. This would have the effect of guaranteeing a customer for the planned uranium mines in Queensland, as well as the existing Western Australian, Northern Territory and South Australia mines.

“Australia produces almost 70 percent of the world’s uranium”

Australia also produces almost 70 percent of the world’s uranium, so this Australian Indian deal is a big plus for Australian mining companies.

India is also featuring heavily in negotiations with coal producers in Australia. In Queensland alone, there are four coal mines that have been slated for development. Coal from these mines has been flagged to be exported directly to India to power their electricity generation needs. Read about the Queensland Galilee Basin project here: India runs out of coal – Queensland to the rescue

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