With uranium prices soaring to an all-time high, Association of Mining and Exploration (Amec) CEO Warren Pearce said this week that it was time for a debate about reversing the ban on uranium mining in Western Australia.
“The days of fear mongering over uranium are over. The world has moved on and other countries have moved forward,” he said, nothing that nuclear power was part of the energy mix for 19 out of the top 20 Organisation for Economic Development and Cooperation countries.
“Nuclear energy may not be part of Western Australia’s energy pathway, but for other countries, it is an important mix to their energy needs, and plays an important role in helping their economies to decarbonise. There is no good reason why Western Australia shouldn’t support these counties and utilise our unique position to capitalise on this opportunity.”
Pearce was responding to Western Australian opposition leader Libby Mettam’s comments that a government led by herself would allow the state’s uranium miners to proceed through environmental approvals, aligning the treatment of uranium with other minerals.
Mettam, who was speaking at an Amec forum, stated that Western Australia was endowed with substantial uranium reserves that had the potential to create jobs, stimulate economic growth and diversify the economy.
Minerals Council of Australia (MCA) also responded to Mettam’s uranium mining pledge, stating that the existing de facto ban on uranium mining lacked justification in science and economics.
“These reserves have the capability to bolster the state's economic status while assisting our trading partners in achieving their net-zero ambitions.”
MCA stated that Western Australia lagged its neighbour, South Australia, where supportive policies have facilitated production at a third uranium mine.
Uranium explorers have invested more than A$1-billion in the state without realising a return on their investment due to restrictive policies.
Four Western Australian companies receive approval from the previous Barnett government, before the ban was enacted. However, only one was able to progress before the approvals expired.
This has led to under-investment in the industry, while uranium prices have soared, with no sign of slowing down anytime soon.
However, recent scoping studies of the top four uranium projects in Western Australia – Cauldron Energy, Toro Energy, Cameco and Deep Yellow – show significant development potential in Western Australia, even from a stage 1 operation perspective.