As recession looms large on it due to the global economic slowdown, Australia plans to quadruple the mining of uranium to step up its export amid speculation that Labour government may modify its policy of not selling the yellow cake to non-signatories of NPT, including India.
BHP Billiton, which owns one of the country's biggest mines 'Olympic Dam' in South Australia, would increase mining of uranium from 4,300 tonnes per annum to 19,000 tonnes, state Premier Mike Rann told visiting Indian journalists here.
Rann, one of the influential leaders of the Labour headed by Prime Minister Kevin Rudd, said that besides uranium, his government decided to step up mining of copper from 180,000 to 730,000 tonnes and gold from 80,000 to 500,000 ounces.
The South Australian Premier, a long standing "admirer and friend" of India, said the province's rich mineral resources should be fully utilised to beat global recession.
Australia, a burgeoning economy posted 0.5 per cent negative growth for the first time in eight years, triggering fears of economic crisis among its affluent 21 million people.
"The Olympic Dam mine would surpass Chile Escondida to become the single largest mine in the world. No. 1 in uranium, No. 4 in copper and No. 5 in gold. Once the expansion takes place, something like a million-and-a-quarter tonnes on rock will be moved every day by 10,000 workers," Rann said.
The increase in mining of uranium, which was hitherto confined to only three mines, would enable Australia to overtake Canada as the world's leading supplier of uranium, Rann said.
"Olympic Dam alone will produce 35 per cent of the world's uranium and its reserves lasting for 100-150 years. It will supply more uranium than all of Canada's mines put together," he said.
Rann, however, sounded non-committal about Australia reversing its decision not to supply uranium to India, but at the same time said the issue would be discussed by Rudd during his visit to New Delhi, expected to take place later this year.
"There could be lot of negotiations," he said, but declined to elaborate.
Rann replied in negative when asked if Australia could benefit by supplying uranium to India, which plans to set up a number of nuclear power plants in the light of Nuclear Suppliers Group (NSG) and IAEA's permission to New Delhi to take part in nuclear commerce for power generation.
"I don't think so. We have China, Britain and even the US shifting to nuclear energy in a big way in the coming years. There will be no dearth of buyers," he said.
Rann, at the same time, outlined the marked change in Australia's policy on uranium mining, emphasising that its nuclear policy was not static.
Source: The Hindu
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