New report reveals Australia could reap major benefits from uranium

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Image credit: www.minerals.org.au

A study commissioned by the Minerals Council of Australia (MCA) has revealed that the economic benefit from the uranium industry could increase to $9.5 billion.

Image credit: www.minerals.org.au
Image credit: www.minerals.org.au

The new report by leading RMIT University economists Professor Sinclair Davidson and Dr Ashton de Silva is titled “Realising Australia’s Uranium Potential”.

In a statement issued on Monday, MCA’s Executive Director for uranium, Daniel Zavattiero, said Australian uranium could fuel as much as five percent of the world’s electricity generation capacity.

“The upshot is that Australia’s uranium industry could expand from its current state of around 3000 direct and indirect jobs and $600 million per annum value, to over $9 billion per annum value with over 20,000 direct and indirect jobs by 2040. Professor Davidson and Dr de Silva show that expansion potential in Australia’s uranium sector is substantial and based on two key variables: growth in nuclear power generation worldwide, and growth in Australia’s share of global uranium production,” said Mr Zavattiero.

Adertisement

“More importantly, Professor Davidson and Dr de Silva show that the most significant variable is largely within Australian control; and that is the share of global production.  Despite having almost a third of the world’s uranium, Australia produces just 10 per cent of global production.  With vision, policy reform, and state and federal commitments to increase competitiveness and investment attractiveness, Australia could target a share of global production closer to its resource endowment.”

Click here to download and read the report.