PERTH (miningweekly.com) – Western Australian Mines and Petroleum Minister Bill Marmion on Wednesday called on the uranium industry to build on the state’s resources technology in order to benefit from the expected increase in demand for yellowcake.

Speaking at the Australian Uranium Conference, in Perth, Marmion said that Western Australia was well-placed to benefit from demand coming from China, India and the Middle East.

“We have seen competitor nations expand their energy mining sectors and now, with Australia home to one-third of the world’s known reserves, it’s time we embraced a leadership role as well,” Marmion said.

The Minister pointed out that China already has 20 reactors on line, with 29 more under construction, and plans to triple its nuclear power generation by 2020, then triple it again by 2030.

India, meanwhile, is also constructing six reactors and has plans for a further 35, in its effort to generate about 25% of its power from nuclear reactors by 2050.
 
“An increasing number of rational people across the world are seeing nuclear energy, with its low carbon emissions and baseload power capacity, as a fundamental part of the response to climate change,” Marmion said.

“Our biggest trading partner, China, is set to lead the charge for a cleaner, lower-carbon emission future - and we are in the box seat to ride the rising market for uranium.”

Marmion acknowledged recent challenges faced by the industry, but urged conference participants to take advantage of opportunities.

“Now is the time for consolidation. Over the next 18 months get all of your commonwealth and state approvals in place so that you are best placed to capitalise on the next phase of market expansion.”

“No state dominates gas energy exports like Western Australia, and our government certainly shares the vision for a dominant role in uranium, too.”