Australia Sales Uranium To United Arab Emirates

SMH reported Australia has agreed to sell uranium to the United Arab Emirates as the nation plans a switch to nuclear power.

As quoted in the market news:

Foreign Minister Bob Carr signed a safeguards agreement in Abu Dhabi yesterday, intended to guarantee Australian uranium is used only for peaceful purposes.

The deal, potentially worth up to $200 million in yellowcake exports, follows the controversial shift by Prime Minister Julia Gillard last year to overturn Labor’s ban on uranium sales to India.

Click here to read the full SMH report.