Australia Market Wrap
WA Uranium Ban formally lifted - miners gain
Western Australian Premier Colin Barnett has formally lifted the previous Labor government’s long-running ban on uranium mining in the state. Following cabinet approval today, Mr Barnett said mining leases would be granted for all minerals including uranium. The WA cabinet's decision to lift the previous Labor government's ban on new uranium mines.
Major uranium projects will be subject to state agreement acts, meaning they will be dealt with by the Premier as the Minister for State Development. The mining of uranium will be subject to strict safety and security provisions including meeting all the necessary international safeguards.
There are 25 known deposits in Western Australia that could produce up to 52,000 metric tons of uranium and accounts for nearly 10 percent of the world's known uranium reserves.
Australian Nuclear Science and Technology (ANSTO) chairman Ziggy Switkowski said politicians may still take some years to realise that nuclear power was a large part of the answer to climate change. The ANSTO boss described as a "positive step" the WA cabinet's decision to lift the previous Labor government's ban on new uranium mines.
"The more uranium we export and the more nuclear power that's used around the world, the less the challenge becomes of the evolution away from fossil fuels.
Beneficiaries of the decision include Paladin Energy (ASX:PDN), Energy & Minerals Australia (ASX:EMA) and BHP Billiton (ASX:BHP).
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