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Friday
Jul272007

Queensland Premier Beattie Hits Back At Federal Uranium Threat

Queensland Premier Beattie Hits Back At Federal Uranium Threat



We wrote yesterday about how the Commonwealth could overturn the state ban of mining uranium in Australia.


However, the Premier of Queensland, Peter Beattie has retaliated to this threat in an interview on ABC radio.

Ian Macfarlane who is the Federal Resources Minister is preparing to take legal action to override the ban on uranium mining.

However, Mr Beattie has said he will call a referendum on the issue if the Federal Government takes any action. Premier Beattie said:

"It's just an attack on Labor, it's just an attack on two Labor states, that's all," he said.

"It's about trying to attack Labor administrations in the lead-up to the federal election.

"Australians see through this - this is the old three-card trick.

"Australians are not mugs. The Howard Government and Mr Macfarlane just think that Australians are silly. They're not."

We totally agree that Australians are not mugs and are not silly, but isn’t that a reason to push forward with uranium mining?

Surely the smart move is to open up the uranium mining industry and generate large tax revenues from the operation, especially with higher uranium prices, that will benefit Australians.

What do you think about this situation?

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Reader Comments (5)

As I've said in earlier posts, the Queensland government has become increasingly vociferous in their belicose beligerance against uranium mining. The Labor sponsored coal lobby continues to fund the green parties protests against uranium and nuclear power. I cautioned against investing any money in Queensland projects saying that it was a case of " LAM(s) to the slaughter".
This is actually good news for uranium projects elsewhere however. Production is one hundred million lbs per year and falling globally, whereas demand is 200 million lbs per year and expanding. One popular blog has suggested that there is currently triple supply versus demand and this has 'forced' the spou down. This is utter nonsense as the utilities have failed to agree to purchase and sellers have refused to sell, this is not a supply overhang. TradeTech publishes an inferred price recently based on no sales, not an actual auction price. The most recent actual sales price in the open market remains at $138. The fact is that , as has been openly reported, that the utilities have been colluding trading stock amongst each other to avoid the open market, but this is very short term. The utilities are legally required to keep a strict level of material and will be forced to buy again... and soon. I have also said that it reminded me of a game of chicken. It is my opinion that the utilities have to blink first.
My guesstimation here is for a dead cat bounce in the next two weeks and then a pullback to purhaps retest the current values before gaining momentum for the all important Presidential Cycle. Since 1939 we have not had a down year in an election year. In fact the average gains have been 17%. Get on board lads and ladies.

July 28, 2007 | Unregistered Commenterwayne

Wayne, Another terrific insight from you, many thanks, Bob

July 28, 2007 | Unregistered CommenterUranium Stocks

Peter Beattie has a mandate to speak on State issues only, and whilst he can initiate a refererendum in Queensland regarding the views of the people of that state, the outcome one way or another would seem to have little relevance. If The Federal Resource Minister elects to force the issue of uranium mining then he will do so only on the basis that he feels confident that in the final analysis, ultimate responsibility for the management of Australia's resources lies with the Federal Government. There are some legal precedents which can be used to support his argument ,but it would probably take a High Court challenge to resolve the issue. Either way I doubt that the "threat" of a referendum in Queensland will do little to alter the Federal Resource Minister's stance.

July 30, 2007 | Unregistered CommenterJoe Docherty

It sounds as though this story has a few twists to go before we will know the outcome.

July 30, 2007 | Unregistered CommenterUranium Stocks

I think we should all try to make a difference here, and I would encourage people to send a polite email to Premier Beattie, which can be done via his website at www.thepremier.qld.gov.au , explaining exactly why they believe there is a need for him to change his position.

July 30, 2007 | Unregistered CommenterJoe Docherty

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