uranium, page-2

China to set up uranium reserve
18/04/2007 14:18






Beijing - China will build a strategic uranium reserve in the coming years as it pushes a plan for a massive expansion of its nuclear power industry by 2020, state press said Wednesday.
The system for uranium will become China's third strategic reserve after its strategic grain and oil reserves, the China News Service reported.

Over the next 10 years, China will construct up to three nuclear power plants each year, resulting in increased demand for nuclear fuels of between four and six times current consumption, the report said.

The nation's powerful Commission of Science Technology and Industry for National Defense advocated the strategic uranium reserve in its 11th five-year plan for nuclear energy development that spans from 2006 to 2010, it said.

According to the plan, China will focus domestic uranium exploration in the Yili Basin in northwestern China's Xinjiang region and in the Ordos Basin in Inner Mongolia.

China will also seek uranium resources overseas, it said.

In February, China National Nuclear Corp said it signed a strategic cooperation agreement with Sinosteel Corp to jointly invest in and explore overseas for uranium resources. Sinosteel is reportedly in talks to invest in uranium assets in Australia.

In January, Australia and China ratified a nuclear agreement clearing the way for the export of up to $187m worth of Australian uranium to China annually.

At the end of 2006, only 1.9% of China's total energy needs were produced by nuclear power but this is set to increase to 4% by 2020