BW Communities

Hold The Champagne

BW Online Bureau Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[After three decades of ostracisation, it is nice to be included in the nuclear club. On 4 December, Australia lifted its ban on exporting uranium to India. Australia is the latest to join the bandwagon of Canada, Kazakhstan and France, following the International Atomic Energy Agency's approval of India's move to allow inspection of civilian nuclear facilities (helped in no small part by US support). Ironically, in 2007, the Australian government had ended discussions on the issue. But now, it  wants to build closer ties, both economic and political. It could not have come at a better time for Australia, as the world is still far from a recovery after the global crisis of 2008. Already, many Indian companies have bought coal (and iron) mines in Australia. Given India's plans to add 64,000 MW of nuclear energy capacity, the gains are considerable. The Australian Uranium Association hopes to sell about 2,500 tonnes of uranium in the next two decades to India. That translates into a potential A$300 million (Rs 1,589 crore) by 2030. But it may not all be smooth sailing. Australian public sentiment has long been divided over nuclear energy and uranium mining. Fresh safety concerns have risen after the near crisis in the Fukushima power reactor during the Japanese tsunami in early 2011. And this could stall future uranium exports. Australia accounts for almost 24 per cent of global uranium deposits. The country itself, though, has no nuclear energy facilities; work on its Jervis Bay nuclear power plant stopped some time ago. In India, there have been protests at the Jaitapur and Kudankulam plants. We aren't going critical — yet. (This story was published in Businessworld Issue Dated 19-12-2011)