Australia Eyes Renewal for Uranium Mines

Uranium (Nuclear Minerals) / Nuclear Power - Economics, Design, & Industry

Date posted: 04/29/15

Chris Webb reports that an Australian Royal Commission has issued a report that almost 50 companies are exploring for uranium deposits throughout the country. After almost a decade of dwindling activity, the uptick has heartened the construction industry, which would build the supporting infrastructure. More than 230 nuclear reactors worldwide are either under construction or in the planning stages, helping to fuel demand for uranium. Another 200 nuclear power plants are due for decommissioning and, the industry hopes, replacement during the next 25 years, the commission says. The new-found optimism follows a depressed market for uranium since its peak in 2007, before the global recession hit. South Australia is home to about 80 per cent of the Australian known uranium reserves, and the country itself is the biggest exporter in the World. Formerly averse to building domestic nuclear power plants, Australia in recent years has signaled a change in direction. Many Australians now see nuclear power as a means to reduce dependency on coal and help cut carbon emissions. An inquiry into whether the country should expand into nuclear power, uranium enrichment and waste storage is currently underway, lead by Kevin Scarce, a former South Australian governor. The issue paper gives more specific details about the questions Scarce is attempting to answer on the exploration, extraction and milling of uranium and other radioactive materials in Australia. Three other issue papers will be released over the next few weeks, one on the further processing and manufacture of radioactive fuels, another on electricity generation and the last on the management, storage and disposal of nuclear waste. Nuclear power capacity worldwide is increasing steadily, with more than 60 reactors under construction in 13 countries. Most reactors on order or planned are in the Asia region, though the U.S. has two plants under construction and more in the planning phase.