Australia finally signs off on deal to export uranium to India
Updated . First published at
Australia’s mining industry has been given a boost after the federal government signed a landmark deal with India to export uranium.
Prime Minister Anthony Albanese and his Indian counterpart, Narendra Modi, finalised the agreement in Melbourne on Thursday, about 12 years after both countries agreed to nuclear cooperation.
Anthony Albanese and Narendra Modi have finalised a long-awaited uranium trade deal. Asanka Ratnayake
The 2014 deal was halted due to concerns that uranium could be used for non-peaceful purposes, as India is one of nine countries in the world that possess nuclear weapons.
Albanese said Modi has agreed to buy uranium for exclusively peaceful purposes under the International Atomic Energy Agency safeguards.
“The arrangement facilitates Australian uranium exports to India to help increase the share of non-fossil fuel power capacity, providing an additional market for the Australian resources sector,” he told reporters.
Modi told reporters the agreement was important to boost clean energy in India.
“This will pave the way for uranium supplies from Australia to India and give our clean energy objectives fresh momentum,” he said.
Australia is the world’s fourth-largest uranium producer and generated $1.19 billion in uranium exports in the 2023-24 financial year, according to the Minerals Council of Australia.
The federal government only exports uranium under nuclear non-proliferation arrangements to ensure it is used for peaceful purposes.
Albanese and Modi have used this week’s visit to sign off on a range of other agreements, including mutual consultation on defence developments in the Indo-Pacific and India’s commissioning of the Australian territory of Cocos Keeling Islands to build a spaceflight program.
“Australia’s relationship with India has never been more consequential than it is today. Our partnership has never been stronger,” Albanese said.
“We share a focus on deepening and diversifying the relationship between our countries, so we can continue to grow from strength to strength.”
Modi touched down in Melbourne on Wednesday night, but his presence has been marred by neo-Nazi protesters.
Racist protestors at Marvel Stadium during the visit of Indian Prime Minister is Narendra Modi. Jason South
Hugo Lennon, 22, was kicked out of a hotel after shouting comments against migration, including “this country is for Australians”.
Dozens more protesters shouted and held signs that read “stop Indian invasion” and “Modi go home, take the rest with you” outside Marvel Stadium, where tens of thousands attended an event for Modi.
Modi will be in the country until Friday, bringing an end to Albanese’s frenetic week meeting Indo-Pacific leaders and thwarting Chinese influence in the region.
Albanese started the week off by signing a major defence alliance with Fiji, which China followed by test-launching a nuclear-capable missile in the South Pacific.
Then, he was off to the Solomon Islands to continue treaty talks with the new prime minister.
Albanese returned home to meet with the Papua New Guinean, Tongan and Samoan leaders to sign more money to boost Pacific involvement in the NRL.
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