Australia’s uranium deposits have billion-dollar potential for the national economy, a mining group chief says.  

The Prime Minister on Thursday confirmed Australia would export uranium for use in India’s nuclear power program.  India is striving to reach a target of 100 gigawatts of nuclear capacity within the next 20 years.   

Association of Mining and Exploration Companies chief executive Warren Pearce told Sky News on Friday the uranium market was expanding at a rate of knots.  

“The uranium market is growing quickly and demand for uranium is going up exponentially as countries try and meet their clean energy and energy needs,” he said.  

“That means going into nuclear energy, countries like India, the UK, all have got major expanses of nuclear facilities and that means they need a safe and reliable supply of uranium. 

“They’re looking to nations like Australia to help them meet those needs.”

He advocated for a removal of policies restricting mining so explored projects could be developed.  

“It’s a billion-dollar industry,” he said.  

“Like Western Australia, by removing that ban and developing the projects we have in Western Australia could turn on a billion-dollar export industry within the next five to six years.  

“That’s also true of Queensland. And remember, we’re competing not just with other states in Australia, like South Australia, NT, we’re also competing with other nations who are looking to fill that gap.” 

He said there was a lot of “ideology” surrounding nuclear energy, but called for an open discussion on a clean energy future.  

“There’s a long (history of) ideology around these issues in relation to uranium going to nuclear power, but also into nuclear weapons, and so, although time has marched on and many things have changed, and we think about our clean energy future, nuclear is a path that many nations, in fact most of the world’s developed nations, are taking as a way of reducing their emissions,” he said.  

“Australia’s still stuck back 30 or 40 years ago.”

Speaking following the deal on Thursday, Indian Prime Minister Narendra Modi said Australia’s technology, capital and resources would help accelerate his nation’s transition.  

“We have historic opportunities to cooperate in this field,” Modi said, as he urged Australia’s business community to invest long-term in India’s road, port, rail and urban infrastructure projects.  

Though both nations agreed to a nuclear cooperation pact in 2014, uranium exports have been limited over concerns they could end up in India’s nuclear weapons program.  

“Australia and India are close partners and even closer friends,” Australian Prime Minister Anthony Albanese said. 

Ms Wong earlier on Sky News defended Labor’s decision to exclude nuclear from energy discussions.  

“We know nuclear ultimately will cost more, will cost taxpayers. Taxpayers will be required to fund it for a very long time, and it won’t be feasible or operational or commercially viable for some time,” she said. 

She noted former opposition leader Peter Dutton’s failed election run in 2025, with nuclear the signature feature of his energy plan.  

“Australians made their view pretty clear about the nuclear energy plan that was going to cost them money,” she said. 

“We’ve got a lot more work to do on energy. We know that and we are doing it.”   

Asked whether Labor would lift the moratorium and “let the market decide”, Ms Wong said the market had not indicated any desire to chase nuclear.   

“It’s a bit like people saying there’s a lot of ideology in this, but there’s also a lot of ideology here. The market has also not wanted to invest in coal-fired power, these decisions are being made by the private sector,” she said.