The Minerals Council of Australia’s Uranium Forum applauds the Prime Minister’s announcement to the Parliament today that he hopes to sign a nuclear co-operation agreement with India to allow uranium sales to this important trading partner.
India is set to be a significant developer of nuclear energy over the next decade and a half. While it is already one of the largest energy consumers in the world, it still has around 400 million people without access to electricity.
Australian uranium, along with other Australian energy sources, will be critical in helping India develop its economy and bring electricity to more of its citizens.
India has 21 operable nuclear power reactors; six under construction; and 57 either planned or proposed.
Australia, which accounts for more than a third of global uranium reserves, is well placed to be a vital part of a sustainable Indian energy portfolio.
An agreement with India will provide safe and responsible market access for Australian uranium; supporting investment, jobs and economic growth at home; and enhance relations and economic development abroad.
According to official estimates, a rebound in the global nuclear industry, led by demand from China and India, will see Australia’s uranium exports grow from $630 million in 2013-14 to around $1.1 billion by 2019.