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Queensland sits on $10bn worth of uranium, Macfarlane tells nuclear power inquiry

30th September 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Queensland is missing out on a multibillion-dollar addition to its resources and energy industry, owing to bans on uranium mining, Queensland Resources Council (QRC) CEO Ian Macfarlane told an inquiry on Monday.

In a statement issued following public hearings at the House of Representatives inquiry into the “prerequisites for nuclear energy in Australia”, he said that Queensland uranium could be mined sustainability and economically.

The most recent valuation estimated Queensland’s uranium deposits to be worth about $10-billion.

“Queensland is literally sitting on billions of dollars of value to our local communities and our economy… but the ban on uranium mining prevents us from reaping the benefit of regional jobs, investment and royalty taxes,” Macfarlane said.

The inquiry into nuclear energy follows a referral from Energy Minister Angus Taylor, in August.

Committee chairperson Ted O’Brien says that a fresh look at nuclear energy is timely, given that new technologies in the field are leading to cleaner, safer and more efficient energy production. “Nuclear energy has evolved since it was last seriously considered in Australia,” he says.

Public hearings were held in Brisbane on Monday and will move to Melbourne, Adelaide and Perth later in week.

Macfarlane also said that Queensland’s uranium reserves were not only a valuable export, but that they had a role to play in delivering reliable and low-emissions power.

“Both the 'BP Energy Outlook 2019' and the International Energy Agency recognise that nuclear energy has a role to play in making significant reductions to global greenhouse-gas emissions,” he said, highlighting that under the advanced emissions reductions scenarios modelling in both reports, nuclear energy use will grow between 2.3% to 7% each year through to 2040.

Even accounting for less aggressive emissions reductions models, Macfarlane noted that nuclear energy would be an important option for countries that sought reliable, low-emissions power in the decades ahead.

“There are already more than 316 000 jobs associated with the Queensland resources industry, and more than 70% of them are in regional Queensland,” he highlighted, pointing out that uranium mining would provide an opportunity to add to those jobs and support new jobs in other industries such as refining and manufacturing.

A growing uranium industry will also support Queensland’s North West minerals province, he believes, especially on the back of an increase in uranium exploration or development being expected to increase the state of knowledge of its resource endowment.

“This may well lead to the discovery of important new deposits of uranium, as well as other elements and resources,” he said.

Owing to Queensland having high environmental standards and that all resources projects undergo a rigorous assessment process, Macfarlane pointed out that uranium mines in Queensland would be subject to the same high standards.

In effect, this means that Queensland can develop its uranium industry “in a sustainable way”.

“It is sensible for this review to take place to look at the long-term options for uranium exports, and in the longer-term, nuclear energy generation,” Macfarlane said, adding that Queensland has an abundance of energy options, including coal, gas, solar and uranium for nuclear energy.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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