The Australian government is mulling the recommencement of uranium production in the country in the wake of dropping metal prices.
During the Australian Uranium and Rare Earths Conference, federal resources minister Gary Gray has claimed that Australia houses 33% of the world’s uranium and has expressed interest towards uranium production, reported Mining.com.
"Despite some recent slowing in the industry, two important drivers of nuclear power remain unchanged – the rising energy demand from growing populations and the need to reduce greenhouse gas emissions," Gray said.
"Australia is in a strong position to maximise these opportunities."
Although the prices of uranium are low, the federal minister is expecting the revival in the near future with India and China intending to add 35 reactors over the next two decades.
The country is currently seeking negotiations with India for a bilateral safeguards agreement that is expected to facilitate significant uranium exports in the future.
For China, the country supplies 225 of the demand.
Australian government is working with the national Uranium Council improve uranium sector outlining actions that includes streamlining regulations and promoting investment.