The Minister for Resources and Energy, Martin Ferguson AM MP, today attended a ceremony to celebrate the signing of a joint venture between Mega Resources and Japan Australia Uranium Resources Development for the Lake Maitland uranium project in Western Australia.
Minister Ferguson said "Concerns relating to climate change and energy security are set to drive increased demand for Australian uranium in the years ahead. The Australian Government strongly supports the expansion of uranium mining in Australia as it will bring significant economic benefit to Australians and play a major role in international efforts to reduce CO2 emissions.
"This $110 million joint venture marks the start of the government approval process for one of the first uranium mines in Western Australia.
"The Australian Government supports this project and the development of new uranium mines that meet stringent environmental, health, safety and safeguards requirements. We will work with Western Australia through the approvals process to ensure these standards are met.
"Expanding Australian uranium exports will help Japan meet its increasing energy needs, and is the latest investment in a long tradition of trade between our two countries. Japanese investment helped develop iron ore assets in the Pilbara and LNG assets in the North West Shelf.
"I am delighted that Japanese investment through the Lake Maitland joint venture will help develop our uranium assets. With around 40 per cent of the world's commercially viable uranium, Australia has an obligation to develop those resources in a way which achieves a cleaner global energy outcome.
"The Australian Government is committed to mining uranium with safe hands and only supplying uranium to countries which use it with safe hands."
The Australian and Western Australian governments are working together to ensure that WA's regulatory and safety regimes for uranium mining are world's best practice. Western Australia also recently joined the Uranium Industry Framework, which is delivering a more sustainable, safer and more secure uranium mining industry in Australia.
The Australian Government's policy is to supply uranium to only those countries that are parties to the Nuclear Non-Proliferation Treaty and have an Additional Protocol with the International Atomic Energy Agency, and with which Australia has a bilateral nuclear safeguards agreement.
The Lake Maitland uranium deposit is located 947 kilometres north east of Perth and is estimated to contain almost 11,000 tonnes of uranium. Mining could commence by the end of 2011.