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S Australia nuclear royal commission publishes draft findings

S Australia nuclear royal commission publishes draft findings

Photo by Bloombeg

15th February 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The South Australian Nuclear Fuel Cycle Royal Commission has released a tentative findings report into its evaluation of South Australia’s role in the nuclear fuel cycle.

The report found that South Australia could safely increase its participation in nuclear activities, and by doing so could improve the economic welfare of local communities.

In terms of mining and exploring uranium assets in South Australia, the report noted that an expansion of uranium mining had the potential to be economically beneficial to the state, and given the detailed knowledge of uranium deposits in the state, there was ‘good reason’ for concluding that new commercial uranium deposits could be found.

The review also found that mineral exploration activities are most commonly undertaken by remote geophysical methods and pose low environmental risks and the current administrative and regulatory processes around drilling are sufficient to manage the environmental and other risks.

However, the report also pointed out a number of barriers to the development of new uranium projects in South Australia, including the current low price environment, the cost of identifying and developing new projects and the requirements for regulatory approvals.

Federal Resources and Energy Minister Josh Frydenberg has welcomed the initial findings, saying nuclear initiatives in South Australia could create jobs, growth and significant revenue for Australia.

“It is important to remember that although Australia does not generate nuclear energy, we have participated in the nuclear fuel cycle for more than 60 years, helping to create and export potentially life-saving medicine and cutting edge industrial technology.”

Frydenberg noted that the expansion of Australia’s nuclear industry beyond its current scientific and medical purpose would require significant legislative and regulatory change.

The Association of Mining & Exploration Companies (Amec) said that the tentative findings from the Nuclear Fuel Cycle Royal Commission vindicated the expansion of the uranium exploration and mining industry throughout Australia.

“The robust independent review found that South Australia can safely increase its participation in nuclear activities, which would improve the economic welfare of the South Australian community,” CEO Simon Bennison said on Monday.

“Unfortunately government public policy positions on exploration and mining of uranium vary throughout Australia. This creates significant uncertainty for business and investment decisions, particularly overseas investors,” he added.

While exploration and mining of uranium was currently supported by the federal government and the governments of South Australia, the Northern Territory and Western Australia, Bennison warned that these policy positions could change through election cycles.

“Early implementation of the ‘one stop shop’ environmental assessment and approval process would also be beneficial in reducing delays and costs to industry,” Bennison added.

“Amec also recommended the development of a national public education and awareness strategy, which was also noted in the review findings.

“Much more can be done to secure economic benefits for all Australians from uranium exploration and mining in a safe and viable way, develop the mines of tomorrow and deliver a low emission energy alternative.”

The Australian Energy Council has also welcomed the tentative report, saying it correctly identified that nuclear energy would not be commercially viable under the existing market conditions, but that it might be necessary as part of Australia’s energy system as it shifted to a low greenhouse gas emissions future.

“It is important to rationally consider all technologies that may be required to address the challenge of supplying clean, affordable and reliable energy in the twenty-first century,” Australian Energy Council CEO Matthew Warren said.

“The Royal Commission considered the challenge of investing in new electricity generation technology in Australia and correctly assessed that in the current environment it would not be commercially viable to generate from a nuclear plant.

“We currently have an oversupplied electricity market and tough investment conditions that make any new generation investment virtually unbankable.

“But conditions change. The electricity industry is already undergoing significant change to reduce emissions while adopting new technologies and maintaining an affordable and reliable supply for consumers.

“It is sensible to keep all options open, including nuclear power. What we don’t want to do is impede our ability to move quickly to a clean source of power, as we transition to a low emissions energy sector,” Warren said.

Australian Petroleum Production and Exploration Association CEO Malcolm Roberts said that the commission’s findings into the viability of nuclear energy in Australia were a "clear endorsement" of natural gas.

“Natural gas generation is ideally suited to complement renewable energy because it can be rapidly turned on and off to respond to changes in intermittent generation from renewable sources,” he said.

“The Australian Council of Learned Academies has found that using gas to provide more baseload and peak electricity generation – combined with increased use of renewables – could slash the Australian electricity sector’s emissions by up to 50%

“Developing Australia’s abundant natural gas resources will clearly provide significant environmental, economic and social benefits.”

The commission’s final report would be published in May.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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