The peak industry body for the Queensland minerals and energy sector said the lifting of the ban on uranium mining by the Newman government will be a huge opportunity for Queensland.
Mr Michael Roche CEO of Queensland Resources Council said that the decision will unleash the significant potential of a Queensland uranium mining industry. The government's decisive action today will provide a strong boost to the regional economies of north and north west Queensland. It will create jobs and economic opportunities, including for indigenous Queenslanders.”
Mr Roche said that several QRC member companies had well advanced plans to develop the state's significant uranium resources. The known uranium resource in Queensland, using projected prices and exchange rates is currently valued at USD 18 billion.
He said that USD 18 billion resource value translates into USD 900 million potential earnings in royalties from the mining of uranium. The experience in Western Australia suggests that a decision to overturn the ban on uranium mining in Queensland will unleash a strong upsurge in exploration for uranium, thereby boosting the known uranium resource in Queensland.
Mr Roche said that the QRC would be keen to assist the 3 member implementation committee and point out the industry's commitment to environmental safeguards and the safety of its workers and the wider community. This announcement is well-timed given the Prime Minister's recent visit to India and discussions with the Indian Government about the potential supply of Australian uranium to India for peaceful purposes.
He said that “I congratulate the Newman government on cutting to the chase and overturning the previous government's illogical stance on uranium mining. Queensland can now share in the benefits of supplying uranium to countries like India, which previously were confined to South Australia, Western Australia and the Northern Territory. This decisive action by the Newman government will also create much needed confidence in the broader resources sector in Queensland.”
Source - Queensland Resources
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