Australia signs deal to supply uranium to Ukraine

PERTH (miningweekly.com) – In a move welcomed by the resources sector, the Australian government has signed a nuclear cooperation agreement with the Ukraine.

Foreign Affairs Minister Julie Bishop said on Friday that the agreement enabled Australia to export uranium to the Ukraine, which was considered to be one of the world’s top ten generators of nuclear power.

“All exports of Australian uranium will be subject to internationally agreed security standards and will be strictly controlled to ensure Australian nuclear material is only used for peaceful purposes,” Bishop said.

“Under the agreement, the use of Australian nuclear material for the development of weapons or explosive devices is strictly prohibited. This agreement provides Ukraine with the opportunity to diversify its energy supply and will enhance bilateral cooperation between Australia and Ukraine on nuclear-related activities, including nuclear safeguards, security, safety and science.”

The Minerals Council of Australia welcomed the agreement, with executive director for uranium Daniel Zavattiero saying it was another important step in responsibly growing Australia’s market access for uranium exports.

“Australia holds almost a third of the world's uranium resources but currently supplies only around 10% of global production. In 2014/15 Australia exported more than 5 500 t or uranium, generating more than half-a-billion dollars in export income. 

“Access to growing Ukrainian uranium demand creates opportunities for more tonnes, more exports and more jobs in mine construction and operations,” Zavattiero said.

“This agreement will offer Ukraine additional diversity of uranium supply, and it will offer Australia access to another important and growing market.”

Australia currently has 24 nuclear cooperation agreements allowing export of uranium to 42 countries.