Australia’s Northern Territory, which produces about eight per cent of the world’s mined uranium, plans to send a trade mission to India after the ruling Labor Party approved the sale of yellow cake to the country.
Australia has the largest known reserves of uranium in the world and the decision to lift the ban on sales to India could prove to be a boon for the Northern Territory (NT) and South Australia (SA), according to media reports.
After the Labor Party reserved its policy on uranium sale to India, NT Chief Minister Paul Henderson on Sunday said he would send a delegation to India to promote trade and investment.
The NT is home to the Ranger mine, which produces about eight per cent of the world’s mined uranium.
Another large uranium resource, known as the Jabiluka deposit, is located 22km from Ranger but is not being mined due to opposition from the local Aboriginal people.
In South Australia, there are three mines and more than $1 in every $5 spent on exploration in the state is focused on uranium deposits.
However, uranium mining won’t proceed in Queensland, despite its premier supporting a lifting of the export ban.
“I went to the last election with a commitment — that I intend to keep — that we would not be opening up uranium mining in Queensland,” the premier Anna Bligh said.
Australian Labor party approved uranium sale at its 46th national conference on Sunday despite it not being a signatory to the Nuclear Non-Proliferation Treaty. Trade Minister Craig Emerson said adequate safeguards will be put in place before uranium is exported to India.