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Uranium: Australian Vote Results

The opposition Labour conference has voted 209 to 190 to allow the expansion of uranium mining in Australia. This is a much closer result than most commentators had predicted.

With these new amendments to Labour policy individual states will be able to authorise the development of new uranium mines. However, uranium exports will be restricted to those countries that have signed the nuclear Non-Proliferation Treaty.

The Minerals Council of Australia welcomed the new policy, but Queensland and Western Australia now need to support new uranium mines. However, Western Australia’s ruling Labour Premier Alan Carpenter said he would not be bound by his party’s new policy, and he would use his state powers to ensure the vast untapped uranium reserves in his state would be left in the ground. Mr Peter Beattie, the premier of the state of Queensland has also said he would continue to ban uranium mining, meaning the country’s two biggest mining states would not be part of an expanded uranium sector.

While the Labour Party is still in opposition they do lead the popularity poles going into the next election. This result effectively transfers the decision-making power from the federal government to the state government, but as we can see two of the states oppose the expansion of uranium mining.

The game is not over yet.

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Reader Comments (2)

The major player with Uranium is Sth Australia and Nth Territory. Thats why Olympic Dam and Honeymoon exist in Sth Australia and ERA's Ranger mine in the Northern Territory.

Queensland, can boast some large quantities especially Summitt Resources. However, its not high grade.

Western Australia IMO is the thorn in the side.
However, Carpenter will not be able to maintain his stubbornness leading upto the Federal Election.

He will have to either toe the line or stand aside.
Otherwise, it will provide political suicide for Kevin Rudd at the next election.

Beattie from Queensland will do his normal backflip and follow Kevin Rudd's policy.

If you were looking at the next possible uranium producer, then Heathgate with partner Alliance Resources is a standout
to be a producer before the others in the "U Friendly State" of Sth. Australia. They have shown highly significant grades and awaiting the Jorc Compliance for the Beverley 4 Mile Mine. Mike Rann the Premier is 100% behind uranium mining and will lead the charge for further investment into that state.

Cheers markcoinoz

April 30, 2007 | Unregistered Commentermarkcoinoz

Thanks Mark for a terrific insight.

April 30, 2007 | Unregistered CommenterUranium Stocks

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