With the release of the draft Switkowski report 'Uranium mining, processing and nuclear energy—opportunities for Australia?' and the House of Representatives Standing Committee on Industry and Resources report 'Australia's uranium - greenhouse friendly fuel for an energy hungry world' the use of nuclear power to reduce greenhouse gas emissions has taken greater prominence in debate.
In this context, Australia’s large resources of uranium - the feedstock of nuclear power - will become more important. In addition, the growing gap between supply of and demand for uranium is driving world prices higher, ultimately to the advantage of Australia’s uranium miners. This note examines the issues of Australia’s uranium in the context of world supply and demand, shows why world prices are rising, and looks to the future of the uranium industry in the environmental debate over greenhouse gas emissions.