India’s Prime Minister Narendra Modi visited Australia earlier this week, with the aim to unlock a landmark uranium export deal.
The country has set a target to have 100 gigawatts of nuclear power capacity by 2047 and plans to add 18 more nuclear reactors to its energy mix by 2032.
The Minerals Council of Australia estimated that, based on 1 gigawatt of nuclear power generation requiring about 225 tonnes of uranium annually, if India reaches its 100 gigawatt nuclear target by 2047 its nuclear power fleet could require around 23,000 tonnes of uranium each year.
If only half of the target is achieved, annual uranium requirements would be roughly 11,000 tonnes, nearly double Australia’s current forecast uranium export volumes of 6,471 tonnes in 2025–26.
As home to the world’s largest known uranium deposits, this positions Australia to capitalise on the increasing global interest in uranium to fuel nuclear energy.
Nuclear for Australia founder Will Shackel says nuclear energy powered by Australian uranium would be a “safe, low emissions solution”.
“The Labor Government saw the opportunity in uranium exports to India over a decade ago, now they must seize this chance to position Australia as a global clean energy power source,” Shackel says.
“The world is having a nuclear renaissance, thanks to the clean energy transition and the need for reliable, affordable, baseload power.
“We’re seeing significant investment from many of our allies — India, the UK, Canada, and the US — and Australia must seize this opportunity to become an active participant in the global nuclear value chain.”
Strong safeguards and a proven industry
The Association of Mining and Exploration Companies (AMEC) Chief Executive Warren Pearce says the nation is able to help meet global demand for uranium and India’s nuclear energy expansion is the type of opportunity for Australia to capitalise on.
“We know Australia has world-class uranium resources, with strong safeguards and a proven mining industry,” Pearce says.
“This is great news for Australia’s uranium industry and a clear reminder to the jurisdictions that currently have uranium mining bans, that it is time to rethink and overturn those bans.”
Uranium mining is currently restricted in New South Wales, Western Australia, and Queensland. In New South Wales, the Legislative Council voted in favour of a bill to lift the prohibition on nuclear energy and uranium mining in May.
Australia’s uranium mining industry is led by South Australia. To date, five uranium mines have been approved in the state, including Olympic Dam, Beverley, Beverley North, Four Mile, and Honeymoon.
One company positioned in South Australia is Alligator Energy (ASX:AGE), a uranium and energy metals developer and explorer, which owns the Samphire Project near Whyalla.
The company recently completed a 300-hole drilling campaign on the project, targeting the southern extension of the Blackbush deposit and expanding the 12 million pound Plumbush deposit and prospective corridor between the two deposits.
Results are anticipated to underpin the next resource upgrade expected in Q1 2027 and expand the mining inventory for an ongoing Bankable Feasibility Study.
Shackel adds that Australia needs to overturn its “outdated” nuclear bans so that it can fuel the global clean energy transition with uranium, as well as consider how the country could deploy nuclear energy as part of a clean energy grid.
Nuclear for Australia is a grassroots movement with more than 115,000 supporters.
Write to Aaliyah Rogan at Mining.com.au
Images: Unsplash
