Jonathan Fisher, CEO of Cauldron Energy (ASX: CXU), challenges the prevalent misconceptions about uranium mining and nuclear waste, emphasising its potential for recycling in a recent interview with Noel Ong from Samso.
From the get-go, Fisher stresses the importance of distinguishing between uranium mining and nuclear power generation.
While uranium mining involves extracting radioactive material, nuclear power generation uses this material to produce energy.
Furthermore, Fisher advocates uranium mining and nuclear energy as the solution to help the world decarbonise – especially in a country setting on 28% of world’s reserves (Figure 1).
Australia country does not have nuclear power plants, mainly due to a long-standing moratorium on nuclear energy development.
Figure 1: Share of global uranium reserves (Source: World Nuclear Association)
Low-level red waste
While discussing uranium mining, Fisher points out that it primarily produces what is termed as low-level red waste, distinct from the waste generated through the nuclear fuel enrichment cycle.
He elucidates that in uranium mining, the sought-after radioactivity is extracted and sold, resulting in tailings that are less radioactive than the original ore.
Fisher contrasts this with mineral sands mining, where the removal process does not reduce the radioactivity of the waste.
Consequently, the residual tailings in mineral sands mining can be more radioactive than those from uranium mining, highlighting the relative environmental benignity of uranium extraction processes.
Promoting Nuclear Waste Recycling
Fisher advocates for the advancement of nuclear waste recycling, seeing it as a sustainable solution for managing the byproducts of nuclear energy production.
Fisher played a pivotal role in establishing Australia's first radioactive waste repository, a milestone in the country's nuclear industry.
This initiative not only demonstrates the feasibility of managing nuclear waste responsibly but also sets a precedent for future nuclear recycling and disposal efforts in Australia.
Nuclear Policy in Australia
Despite having the largest uranium reserves in the world, Australia is only the fourth biggest uranium producer currently, and ranks fifth for all-time uranium production – with no nuclear power plants (Figure 2).
Nationally, Australia does not have a uniform stance on uranium mining; while some states like Western Australia and Queensland have had restrictive policies, others permit it under specific regulatory frameworks.
Uranium mining is allowed in the Northern Territory, South Australia, and Tasmania, and exploration is allowed in New South Wales and Queensland – but not mining.
Figure 2: Australia’s identified uranium deposits ( Source: Geoscience Australia)
The Western Australian government, led by the Labour Party, reinstated a ban on uranium mining upon coming to power in 2017, affecting new projects but allowing previously approved ones to continue.
This policy reflects a cautious approach towards nuclear energy and uranium mining, influenced by environmental concerns and public opinion.
At the federal level, Australia's nuclear policy has been more open to uranium mining, export, and nuclear research, albeit with strict regulations and safety standards.
However, Australia is a significant exporter of uranium, supplying fuel for nuclear power stations in various countries- accounting for 17% of the energy exports.
Fisher remains optimistic that the increasing global emphasis on clean energy will lead to more supportive policies, facilitating the growth of the nuclear sector.
Get Deeper Insights
The latest and most reliable information from experienced sources, that are completely unbiased are now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors.
-------
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
------
About Samso
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments