India’s External Affairs Minister S. M. Krishna has reportedly expressed the country’s renewed interest in Australia’s uranium supplies during talks with the Minister for Resources, Energy, and Tourism, Martin Ferguson, in Melbourne.
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Moreover, Australian Foreign Minister Kevin Rudd, said he would “underline Australia's commitment of being a long-term supplier of natural resources to India to support its economic growth trajectory.”
He said, “as the dynamic Indian economy develops, India's need for [Australia's] resources and services will also grow.” Currently, Australia practices a policy of not supplying uranium to countries that have not acceded to the Nuclear Non-Proliferation Treaty.
India expressing renewed interest in procuring its uranium supplied from Australia is a reaction to signs that the current ruling Australian government may take a second look at its sales policy for uranium supplies to overseas buyers.
Australia has the world's biggest reserves of uranium, an estimated 23 percent of the world's total. In 2009, it sold more than 9700 tons of uranium oxide concentrate to the overseas market worth more than $ 1.1 billion.
It ranks as the third largest producer of uranium after Kazakhstan and Canada and strictly sells it electrical power generation only making sure it complies to the Nuclear Non-Proliferation Treaty.
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