Russian uranium deal job creator: Gillard20:09 AEST Thu Nov 11...

Russian uranium deal job creator: Gillard20:09 AEST Thu Nov 11 ---9 news


PM Julia Gillard says global growth and financial stability should be the focus of the G20 summit.

Prime Minister Julia Gillard says a deal to sell uranium to Russia under strict safeguards will create jobs, as world leaders grapple with a struggling global economy.

Ms Gillard and Russian President Dmitry Medvedev on Thursday met on the sidelines of the G20 leaders summit for a ceremony to seal an agreement on nuclear energy.

Australian miners have been able to sell uranium to Russia since 1990 but only to be processed in that country on behalf of third countries and not for nuclear power in Russia itself.

The deal is in line with current agreements with the US, China, Japan and South Korea.

"The agreement will help Russia to meet its expanding energy needs as it seeks to reduce its greenhouse emissions by diversifying its energy sources and shifting away from a reliance on fossil fuels," the prime minister said.

"It will increase export opportunities and create jobs for Australia's uranium suppliers and consolidates Australia's position as a reliable provider of energy resources."

Ms Gillard said the agreement met all of Australia's and the International Atomic Energy Agency's nuclear safeguards.

Mining industry figures are speculating India may be next cab off the rank but only if it decides to sign the nuclear non-proliferation treaty, which is a requirement to import Australian uranium.

US President Barack Obama, who is also attending G20, this week backed India's membership of the Nuclear Suppliers Group, which requires strong export safeguards.

The issue is likely to be a topic for talks when Indian Prime Minister Manmohan Singh visits Australia late next year.

About 10,500 tonnes of uranium is exported from Australia's three mines each year, worth around $1.1 billion.