India tempts Aus state to lift mining ban
“The first thing we can expect is an increase in uranium exploration expenditure in Queensland, but mining is probably still a few years away yet because there has been no prospect of mining until today”, said Michael Angwin, president of the Australian Uranium Association.
The Queensland Resources Council, a mining lobby group, estimated the known uranium resource in Queensland, using projected prices and exchange rates, at A$18 billion. Uranium prices have fallen since the Fukushima disaster with some countries questioning the safety and viability of nuclear energy. Uranium sells for $43.50 a pound, compared with the February 2011 average spot price of $69.63.
The 46-nation Nuclear Suppliers Group, which includes Australia and the United States, waived a three-decade ban on exports to India in 2008 after agreeing assurances that New Delhi would not put any such nuclear trade to military use. Australia changed its policy against nuclear trade with India after assessing that the country had become a responsible nuclear power that would not proliferate atomic weapons.
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