dj market talk: china fancies aussie yellowcake , page-4

Miners welcome Chinese uranium rivals
Date: 17/10/2005 15:42:00
Words: 256
Source: aap
Publication: The Financial Review
Section: Australia


The prospect of Chinese involvement in the Australian uranium mining industry has been welcomed by a mining industry body.

Extracts from confidential diplomatic cables published in the Fairfax press have shown that Chinese officials expressed interest in uranium mining and exploration in Australia at a meeting in Beijing in February.

The Association of Mining and Exploration Companies, which represents small to mid-size miners, said it saw no problem with Chinese investment in the Australian uranium industry.

"The industry would see it as no different to the existing involvement of foreign companies in Australia - be it in uranium or other interests," AMEC chief executive Justin Walawski said.

Mr Walawski said that if China used Australian uranium to fuel its new nuclear power plants this would actually enhance global nuclear safety.

Australia would require a strict nuclear safeguards agreement to ensure uranium did not fall into the wrong hands and was never used for weapons, he said.

"If you look at the safeguards that would be in place were uranium to come from Australia, the view here would be that that's only going to enhance accountability because we can monitor and account for the uranium from stores to use," he said.

Mr Walawski said this was preferable to China sourcing uranium from countries with less strict requirements.