Released March 23, 2009 | BANGALORE, INDIA
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Researched by Industrial Info Resources (Sugar Land, Texas)--Speaking at the Paydirt 2009 Uranium Conference in Adelaide, Michael Angwin, Executive Director of the Australian Uranium Association (Melbourne, Australia), said Australia's domestic production and exports of uranium are estimated to increase by 37,000 tons per year by 2030 in response to the rising global demand for nuclear energy. This is expected to boost Australia's gross domestic product (GDP) by $11.75 billion by 2030. Australia ended 2008 with a GDP of $753.5 billion.
Australia's government and its mining industry have both said that they believe domestic uranium output could rise by 20% in the next three years, from 10,101 tons per year in 2008 to 12,460 tons per year by 2012. Australia currently exports 10,000 tons per year of uranium. This is expected to rise to 10,740 tons per year by June 30, 2010, and further to 14,000 tons per year in 2014, generating revenues of nearly $1.18 billion.
Australia, the world's second largest producer of uranium after Canada, is home to 38% of the world's low-cost uranium resources and accounts for 19% of the global uranium supply. The country's uranium industry has been plagued by political hostility to the nuclear sector since the 1980s. However, in the face of the global economic recession and with 64 nuclear power reactors expected to be commissioned worldwide over the next six years, the country is looking to tap into the imminent increase in global demand for uranium. There are 439 nuclear power plants currently in operation worldwide, with 43 new plants being developed and a further 106 in the pipeline. The global nuclear industry requires an estimated 181 million pounds per year of uranium to feed its nuclear power plants.
Australia has three operational uranium mines -- the Ranger mine in the Northern Territory, and the Olympic Dam and Beverly mines in South Australia. The ongoing expansion of the Ranger mine, operated by Energy Resources of Australia Limited (ASX:ERA) (Canberra) is expected to boost domestic production of uranium oxide by 5% to 10,583 tons per year by June 30, 2009. BHP Billiton Limited (NYSE:BHP) (Melbourne, Australia) is also looking to increase production at the Olympic Dam mine by 2013, but this is likely to be delayed because of the global economic recession. Heathgate Resources (Adelaide), a subsidiary of General Atomics (San Diego, California), operates the Beverly mines.
Uranium One Incorporated (TSX:UUU) (Vancouver, British Columbia) is likely to commission its Honeymoon project in South Australia by 2009 to produce 400 tons per year of uranium beginning in 2010. In December 2008, Mitsui & Company Limited (NASDAQ:MITSY) (Tokyo, Japan) invested $71.89 million for a 49% stake in the project.
Alliance Resources Limited (ASX:AGS) (Victoria, Australia) is raising funds to invest $15.55 million in the new $62.21 million Four Mile uranium mining project in South Australia. Alliance Resources owns a 25% stake in the project while Quasar Resource (Adelaide), an affiliate of Heathgate Resources, owns 75%. The Four Mile mine has current reserves of 32 million pounds of uranium oxide and will produce 3 million pounds per year of uranium oxide.
Sinosteel Corporation (Beijing) and PepinNini Minerals Limited (ASX:PNN) (New South Wales, Australia) are developing the Crockers Well project in South Australia.
In November 2008, the newly elected government in Western Australia lifted a six-year ban on uranium mining. Queensland is likely to follow suit if conservatives, who are in favor of nuclear power, win the state election. Toro Energy Limited (ASX:TOE) (Norwood, Australia) and BHP Billiton are the only firms that currently hold uranium-mining leases in Western Australia. Toro Energy is developing the Centipede and Lake Way uranium deposits in Wiluna and is expected to commence production of 680 tons per year of uranium in 2012. The firm hopes to make a decision by the third quarter of 2009 to undertake a definitive feasibility study of the project, followed by a decision in mid-2011 to proceed to mine development and operations. Other proposed projects in Western Australia include the development of the Yeerlirrie mines by BHP Billiton, the Kintyre deposits by a joint venture of Cameco Corporation (NYSE:CCJ) (Saskatoon, Saskatchewan) and Mitsubishi Corporation (TYO:8058) (Tokyo, Japan), the Mulga Rocks mines by Energy & Minerals Australia Limited (ASX:EMA) (West Perth, Australia), and the Lake Maitland deposits by Mega Uranium Limited (TSX:MGA) (Toronto, Ontario).
Earlier this month, Russia, which plans to develop 11 nuclear power plants to generate 10,000 megawatts of power by 2020, urged Australia to facilitate uranium exports. The two countries had entered into an agreement in 2006 to uranium to Russia but the ruling Australian centre-left Labor government suspended the deal because of concerns that Moscow might not uphold its nuclear nonproliferation obligations. Australia sells uranium only for power generation and only to the signatories of the Nuclear Non-Proliferation Treaty. It also requires the purchasing countries to enter into a bilateral nuclear safeguards agreement on the use of uranium before permitting export of the nuclear fuel.
On the same premise, Australia continues to remain adamant about not supplying uranium to India unless New Delhi signs the treaty despite the waiver conferred on India by the Nuclear Suppliers' Group. John McCarthy, Australia's High Commissioner to India, who is in Chandigarh, Punjab, said during a two-day visit that while John Howard, the previous Australian Premier, had been lenient on the nuclear front, the ruling Labor government under Prime Minister Kevin Rudd will not display any laxity on its stance.
View Plant Profile - 1056186 1081110
View Project Report - 86000855 86000920
Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.
Australia's government and its mining industry have both said that they believe domestic uranium output could rise by 20% in the next three years, from 10,101 tons per year in 2008 to 12,460 tons per year by 2012. Australia currently exports 10,000 tons per year of uranium. This is expected to rise to 10,740 tons per year by June 30, 2010, and further to 14,000 tons per year in 2014, generating revenues of nearly $1.18 billion.
Australia, the world's second largest producer of uranium after Canada, is home to 38% of the world's low-cost uranium resources and accounts for 19% of the global uranium supply. The country's uranium industry has been plagued by political hostility to the nuclear sector since the 1980s. However, in the face of the global economic recession and with 64 nuclear power reactors expected to be commissioned worldwide over the next six years, the country is looking to tap into the imminent increase in global demand for uranium. There are 439 nuclear power plants currently in operation worldwide, with 43 new plants being developed and a further 106 in the pipeline. The global nuclear industry requires an estimated 181 million pounds per year of uranium to feed its nuclear power plants.
Australia has three operational uranium mines -- the Ranger mine in the Northern Territory, and the Olympic Dam and Beverly mines in South Australia. The ongoing expansion of the Ranger mine, operated by Energy Resources of Australia Limited (ASX:ERA) (Canberra) is expected to boost domestic production of uranium oxide by 5% to 10,583 tons per year by June 30, 2009. BHP Billiton Limited (NYSE:BHP) (Melbourne, Australia) is also looking to increase production at the Olympic Dam mine by 2013, but this is likely to be delayed because of the global economic recession. Heathgate Resources (Adelaide), a subsidiary of General Atomics (San Diego, California), operates the Beverly mines.
Uranium One Incorporated (TSX:UUU) (Vancouver, British Columbia) is likely to commission its Honeymoon project in South Australia by 2009 to produce 400 tons per year of uranium beginning in 2010. In December 2008, Mitsui & Company Limited (NASDAQ:MITSY) (Tokyo, Japan) invested $71.89 million for a 49% stake in the project.
Alliance Resources Limited (ASX:AGS) (Victoria, Australia) is raising funds to invest $15.55 million in the new $62.21 million Four Mile uranium mining project in South Australia. Alliance Resources owns a 25% stake in the project while Quasar Resource (Adelaide), an affiliate of Heathgate Resources, owns 75%. The Four Mile mine has current reserves of 32 million pounds of uranium oxide and will produce 3 million pounds per year of uranium oxide.
Sinosteel Corporation (Beijing) and PepinNini Minerals Limited (ASX:PNN) (New South Wales, Australia) are developing the Crockers Well project in South Australia.
In November 2008, the newly elected government in Western Australia lifted a six-year ban on uranium mining. Queensland is likely to follow suit if conservatives, who are in favor of nuclear power, win the state election. Toro Energy Limited (ASX:TOE) (Norwood, Australia) and BHP Billiton are the only firms that currently hold uranium-mining leases in Western Australia. Toro Energy is developing the Centipede and Lake Way uranium deposits in Wiluna and is expected to commence production of 680 tons per year of uranium in 2012. The firm hopes to make a decision by the third quarter of 2009 to undertake a definitive feasibility study of the project, followed by a decision in mid-2011 to proceed to mine development and operations. Other proposed projects in Western Australia include the development of the Yeerlirrie mines by BHP Billiton, the Kintyre deposits by a joint venture of Cameco Corporation (NYSE:CCJ) (Saskatoon, Saskatchewan) and Mitsubishi Corporation (TYO:8058) (Tokyo, Japan), the Mulga Rocks mines by Energy & Minerals Australia Limited (ASX:EMA) (West Perth, Australia), and the Lake Maitland deposits by Mega Uranium Limited (TSX:MGA) (Toronto, Ontario).
Earlier this month, Russia, which plans to develop 11 nuclear power plants to generate 10,000 megawatts of power by 2020, urged Australia to facilitate uranium exports. The two countries had entered into an agreement in 2006 to uranium to Russia but the ruling Australian centre-left Labor government suspended the deal because of concerns that Moscow might not uphold its nuclear nonproliferation obligations. Australia sells uranium only for power generation and only to the signatories of the Nuclear Non-Proliferation Treaty. It also requires the purchasing countries to enter into a bilateral nuclear safeguards agreement on the use of uranium before permitting export of the nuclear fuel.
On the same premise, Australia continues to remain adamant about not supplying uranium to India unless New Delhi signs the treaty despite the waiver conferred on India by the Nuclear Suppliers' Group. John McCarthy, Australia's High Commissioner to India, who is in Chandigarh, Punjab, said during a two-day visit that while John Howard, the previous Australian Premier, had been lenient on the nuclear front, the ruling Labor government under Prime Minister Kevin Rudd will not display any laxity on its stance.
View Plant Profile - 1056186 1081110
View Project Report - 86000855 86000920
Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.
