India Keen to Lock Down Uranium Trade Deal with Australia

Mineweb reported that Martin Ferguson, Australia’s energy and resources minister, said that the country’s decision to allow uranium sales to India is significant, but will depend on the negotiations that take place when the time to conduct exports arrives.

As quoted in the market news:

[India’s] aim is for 25% of its electricity to come from nuclear power by 2050, which is a huge jump from the mere 2.5% contribution in 2007. To achieve this, India needs uranium from every possible source.

Australia’s known uranium resources are at 31%. In 2011-12, Australia produced 7,700 tonnes of uranium oxide concentrate. Canada boasts around 17% of the world’s production in 2011, and is the second largest miner of uranium behind Kazakhstan.

In the case of Australia, uranium trade with India would not only enhance bilateral relations, it would accelerate Indian investment in Australia, boost the Australian economy and create jobs.