Australian uranium mining agreement signed with India

Australian uranium mining agreement signed with India

Australia and India uranium mining deal signed

Tony Abbott officially signs a new uranium mining agreement with India

Following on from iMINCO news on the future of Australian uranium mining, last week Prime Minister Tony Abbott officially signed a new agreement with India. Whilst this news is not new, the official signing of the document means the Abbott government has now given the green light to commence uranium mining in Australia.

Mining companies in Australia who specialise in this type of mining are already gearing up to begin mining operations.

Related Australian uranium mining news on

Tony Abbott and Indian Prime Minister Narendra Modi sealed the deal last Friday. There are some conditions attached to the agreement whereby India only uses the uranium for non-military purposes.

The agreement has been years in the making owing to the threat of nuclear arms proliferation between India and Pakistan. The Australian government wanted a firm agreement that its uranium would not be used in this manner.

Australia, home to 35 percent of the world`s developed uranium deposits

Australia, which has around 35 percent of the world`s developed uranium deposits does not allow the uranium to be exported to any country that has not signed the Nuclear Non-proliferation Treaty.

India still has not signed this Treaty, however, Australia lifted a ban on selling uranium to India back in 2012 and both have been looking at ways to begin uranium trading whilst making sure there are firm safeguards in place beforehand.

India has many power generating issues

India as a country is for the most part impoverished, with a huge section of its people relying on electricity to sustain their everyday existence. Electricity supply is intermittent and there are daily blackouts. Having spent many months travelling throughout India, I can attest to this and it is no picnic when the temperatures are in the high 40’s and there is no electricity to power the ceiling fans.

A quarter of a billion people in India with little or no access to power

It’s also estimated that India has about a quarter of a billion people with little or no access to power. One of the biggest issues facing India is its current method of electricity generation which is reliant on burning coal. India’s coal is for the most part, low-quality. Add to this the reported corruption that is rife across the government and certain Indian power and energy companies, and something has to be done and quickly.

Adani and GVK are looking to develop Australian super-mines

Although Indian power companies like Adani and GVK are looking to develop super-mines in the Queensland Gailee Basin where vast deposits of high quality thermal coal are available, uranium is a viable solution for India.

“trade between India and Australia increases 300 percent”

Trade between India and Australia has increased over 300 percent over the last 10 years, with estimates of some $US14.2 billion ($A15.2bn) in trade in 2013 owing to the increased demand for coal and other commodities from Australian.

Despite the recent somewhat negative sentiment, the mining sector in Australia is witnessing, there are still many mining projects on the drawing board as we move towards the end of 2014. The mining and resource sector in Australia offers a wide range of transferable skills across mining, oil and gas industries.

“still plenty of career opportunities”

With Australian mining companies diversifying and widening their operational abilities, there are still plenty of career opportunities for those who possess the right mix of skills, experience, qualification and attitude.

iMINCO is an Australian mining and resource sector information provider, specialising in gathering information to assist job seekers to understand how to enter the industry and what to do next.

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