Tania Constable: Uranium is WA’s superpower
![Uranium illustration.](https://images.thewest.com.au/publication/C-15461149/7c056b253aae17fdca9312dc55379d8e99813023-16x9-x0y0w1161h653.jpg?imwidth=810&impolicy=wan_v3)
There is no greater contribution WA could make to global decarbonisation than lifting its ban on uranium mining.
This is an indisputable fact that is too often treated as an inconvenient truth. But with this truth, comes immense opportunity.
What lies beneath the ancient landscapes of Australia’s biggest state has long been celebrated; venerated as the source of this nation’s prosperity, a blessed endowment that has underpinned Australia’s economic and social successes.
It has been a golden age, and long may that continue, as West Australians continue to steward its mineral wealth for the betterment of our communities.
But there is a further chapter to be written here, one that marries the economic advantages with the opportunities of reducing emissions. One that delivers a clear answer to the conundrum facing the globe, as nations seek to decarbonise their economies in a cost-effective way, without impacting their energy reliability or diluting their energy security.
This is the power of nuclear.
And as nations accelerate plans to build greater nuclear power capability, demand for uranium is becoming insatiable.
Global demand for this crucial commodity will double by 2040, according to the World Nuclear Association, with world exports to top $US20 billion annually, fuelled by nations who accept that nuclear will form a key component in their future energy mix, in partnership with traditional renewables.
![Tania Constable](https://images.thewest.com.au/publication/C-15461149/e856c3228aa7708b4c1456663a472ddd80d2daca.jpg?imwidth=810&impolicy=wan_v3)
At the recent COP28 climate conference, a staggering 22 countries signed a commitment to triple their nuclear capacity.
Australia has the largest uranium reserves in the world, with a big chunk of those deposits under WA soil. If WA was a country, it would be the ninth-largest jurisdiction for uranium reserves.
Such an endowment puts WA in an enviable strategic position to be a dominant player in the world’s transition to a clean energy economy, a key broker on the road to net zero.
But it requires political courage. It requires the wisdom to put aside ideological differences and party politics; to seize this incredible moment to be at the centre of this irrepressible energy transition, and reap the economic and social rewards.
To help the world to decarbonise.
This noble goal has already been recognised by Premier Roger Cook, who in highlighting the importance of gas in the energy transition, raised the notion of his state playing a role in helping other nations to decarbonise.
“Australia produces 1.3 per cent of global emissions, WA is less than 20 per cent of that 1.3 per cent. So the task of decarbonising our economy is an important one … but we can’t do this in isolation of assisting our trading partners to decarbonise their economies as well,’’ Premier Cook said last month.
“Last I looked, we are trying to save the planet, not trying to save WA. So therefore, we really do need to double down on making sure we understand the important role that that gas will play as part of that incredibly important journey.”
That is correct.
Now replace the word “gas” with “uranium” and you have an irresistible multiplier — sending the very commodity that fuels zero-emissions energy to those nations who need it the most, thus fulfilling this virtuous mission.
But the applications of uranium are far broader than its emissions reduction capabilities.
Ending the ban on uranium mining will not only deliver a handsome economic dividend for the State through increased investment, job creation and royalties, but an emerging industry will help safeguard WA from the ebbs and flows of the commodity cycle.
Diversification, in an age of geopolitical interference and market manipulation driven by demand for critical minerals, is the key to stable economic growth.
We have seen the devastating effects that an artificially depressed nickel price has had on the Western Australian economy and jobs.
Increased exposure to a range of different commodities is a vital safeguard against such downturns.
Beyond the environmental and economic benefits, there is also a national security element that warrants more attention.
In signing the ground-breaking AUKUS agreement, which among many things will lead to the eventual rollout of Australia’s own nuclear submarines, our closest allies in the United States and the UK have put immense trust in Australia.
These technologies and capabilities have not been gifted to other nations but shared generously with us.
Arguably, WA stands to gain the most from this agreement, from the critical minerals that will turbo-charge the development of defence capabilities and technologies, to the nuclear-powered submarines stationed just 30kms from Perth’s CBD.
It makes no sense that WA will host Australian nuclear-powered submarines obtained with the support of strategic partners, and ban supplying those same partners with uranium to fuel them.
It is time to embrace this new chapter in WA’s vitality, and end the ban on uranium mining, for the sake of the environment, the economy and Australia’s national security.
Tania Constable is the CEO of the Minerals Council of Australia.
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