Queensland Government Calls for Uranium Mining Applications

The ABC reported that the government of Queensland, Australia has released its framework for uranium mining and put out a call for mining applications.

As quoted in the market news:

There is estimated to be more than $10 billion worth of uranium deposits in Queensland, with most located in the state’s north-west.

However, the minerals council’s Daniel Zavattiero says uranium prices will need to lift, if mining is to be viable.

‘The projections are of increased demand in the future and in order for that demand to be met prices will need to move in order to stimulate the production that will need to supply it,’ he said.

‘It’s difficult market conditions at the moment and prices are still quite depressed but the long-term outlook for uranium remains very positive.’

Click here to read the full report from the ABC.

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Peninsula Energy (ASX:PEN) is set to be the ASX’s next uranium producer. Its flagship Lance Projects in Wyoming is headed towards production in 2015, with purchasing contracts secured for 2015 to 2024.

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