uranium deal with china excelelnt news for uranium players
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CHINA and Australia are poised to sign deals on the use of nuclear energy and uranium exploration, officials say.
Chinese Premier Wen Jiabao is expected to sign the agreements during his four-day visit to Australia, which starts on the weekend.
A Chinese Government spokesman told a press briefing in Beijing the draft texts of the two agreements had been completed and it was likely they would be signed.
Liu Jieyi, head of the ministry's North American and Oceanic Affairs Department, said the deals would be for the "peaceful use of nuclear energy" and that any cooperation between the two countries would be in line with International Atomic Energy Agency safeguards.
A spokesman for Foreign Minister Alexander Downer said the negotiations had been going well and the government was hopeful an agreement could be reached soon.
Discussions on a safeguards agreement, to prevent Australian uranium exported to China being used for weapons or to replace domestic uranium supplies used to build nuclear weapons, began in August last year.
Australia does not sell uranium to countries that are not party to the nuclear non-proliferation treaty, but China has recently renewed its commitment to the treaty.
About 40 per cent of the world's known uranium reserves are in Australia.
Demand for uranium is booming in China, which has nine nuclear power reactors and is planning a massive expansion.
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