• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • NORTH AMERICA EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • NORTH AMERICA EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Energy Market
    Energy News
    Energy Stocks
    • Energy Market
    • Energy News
    • Energy Stocks
    uranium investing

    Uranium Mining on the Rocks in Queensland

    Investing News Network
    Mar. 16, 2015 04:40PM PST
    Energy Investing

    Queensland is no stranger when it comes to banning uranium mining. Though the metal was mined in the state in the 1950s, that ended after the closure of the Mary Kathleen mine in 1982, and uranium mining was eventually prohibited by the state’s Labor Party-led government in 1989. That ban ended in 2012 when government leadership switched to the Liberal-National Party, but it looks like it’s set to come back in full force.

    Queensland is no stranger when it comes to banning uranium mining. Though the metal was mined in the state in the 1950s, that ended after the closure of the Mary Kathleen mine in 1982, and uranium mining was eventually prohibited by the state’s Labor Party-led government in 1989. 

    That ban ended in 2012 when government leadership switched to the Liberal-National Party, but it looks like it’s set to come back in full force.

    What happened? 

    When the Queensland government, still headed by the Liberal-National Party, started accepting applications for new uranium developments in August 2014, Mines Minister Andrew Cripps commented, “[t]he uranium industry has the potential to generate significant development in North Queensland, as well as royalties to fund school and health services, roads and public infrastructure.”

    Indeed, allowing uranium mining would enable the state to remain “Australia’s job powerhouse,” as every new project has the potential to create many operational and construction jobs.

    Unfortunately, it looks like those positive developments won’t come to pass. Last week, the newly reinstated Labor Party government announced that it will be putting the ban back in place at the cost of the jobs it originally promised, derailing the developmental plans of companies in the process.

    According to Courier Mail, “[l]eft-wing unions, which hold significant sway over the newly-elected 44-member Labor caucus, have long opposed uranium, arguing it is a high-risk endeavour for a low economic return.”

    Alongside the announcement of  the ban, Natural Resources and Mines Minister Anthony Lynham noted that not all is lost for companies. Though they cannot currently move forward with their projects, they will be allowed to continue exploration efforts.

    “Resource companies can continue to apply for a generic exploration permit for minerals which allows them to explore for all minerals other than coal,’’ he said.

    No on board with the ban

    The Queensland Resources Council (QRC), an industry council that represents commercial developers of Queensland’s minerals and energy resources, has stepped forward to say that the move is “disappointing, but not surprising.”

    As reported by The Australian, QRC CEO Michael Roche commented, “[r]eimposition of a blanket ban on uranium mining will come as a particular disappointment to the people of northwest Queensland, who rightly see uranium mining as a valuable new jobs generator for the region.”

    He has suggested that instead of a blanket ban, each project should be judged individually. That being said, the Roche has pointed out that the blanket ban is a “bitter disappointment” for the people in the northwest of the state, where the more valuable uranium deposits are located.

    All that said, it’s important to note that while the Liberal-National Party government had been accepting applications for uranium mining since August 2014, no applications had been lodged.

    At what cost? 

    One key takeaway from the reinstatement of the ban is that there is always a cost to doing business. In the case of the ban, jobs are on the line, but so is loss of confidence for investors.

    The state’s biggest uranium player, Summit Resources (ASX:SMM), has shelled out $40 million in exploration efforts over the last five years. As CEO Brendan O’Hara told The Australian, “[i]f there’s one thing investors need, it’s certainty” — and the ban certainly doesn’t lend itself to that.

    O’Hara noted that in a case such as this, “it undermines your position. It’s not so much an issue today, because the uranium price is thoroughly in the doldrums.” He added, “if (the price) were to increase significantly, quickly, you’d need investment funds. Investors hate uncertainty.”

     

    Related reading: 

    Uranium Mining in Australia

    australiauranium investinguranium industryqueenslandmining in australia
    The Conversation (0)

    Go Deeper

    AI Powered

    PhosEnergy: A Uranium Game Changer?

    Namibia Uranium Project Viable

    Latest News

    Alvopetro Announces September 2025 Sales Volumes, Quarterly Natural Gas Price Update, Non-Core Disposition and Western Canadian Expansion

    Angkor Resources Completes First Onshore Seismic Program in Cambodia; Vanderbilt Report Publishes Coverage

    CHARBONE Hydrogene securise les actifs de production d'hydrogene d'Harnois Energies pour accelerer la production d'hydrogene propre a ultra haute purete a Sorel-Tracy

    CHARBONE Hydrogen Secures Harnois Energies' Hydrogen Assets to Accelerate Clean Ultra High Purity Hydrogen Production at Sorel-Tracy

    AEG Confirms Pre-Sale of 35% of Initial 8 MW UAE Capacity with Strong Revenue Outlook and Clear Expansion Path

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
      • Electric Vehicles
    • Agriculture
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Energy
      • Uranium
      • Oil and Gas
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Robotics
      • Crypto
      • Cleantech
    Life Science
      • Biotech
      • Cannabis
      • Pharmaceuticals

    Featured Energy Investing Stocks

    Skyharbour Resources

    SYH:CA

    xU3O8 (uranium.io)

    Saga Metals

    SAGA:CA

    Basin Energy

    BSN:AU

    North Shore Uranium

    NSU:CC

    American Uranium

    AMU:AU
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES