The potential of Western Australia’s uranium sector remains largely untapped, according to industry expert Simon Corrigan. He argues that the state government should actively promote this sector alongside its initiatives in liquefied natural gas and carbon capture. Corrigan highlights the need for WA to seize the opportunity to position itself as a key player in the global uranium market, which has significant implications for energy production and economic growth.
Despite the pressing global demand for reliable energy sources, WA has faced challenges due to a ban on uranium mining reinstated after the 2017 election. Corrigan emphasizes that the state has the resources to contribute to the nuclear energy market. Stringent international safeguards and regulations from the International Atomic Energy Agency ensure that Australian uranium is used solely for energy production, a standard that WA would uphold.
Countries around the world are increasingly looking to nuclear power as a viable energy solution. For instance, France derives approximately 67 percent of its electricity from nuclear reactors, while nations like Belgium, Sweden, and Finland also rely heavily on this energy source. Even the United States, with its vast natural gas reserves, generates nearly 20 percent of its electricity from nuclear energy. This presents a substantial market opportunity for WA’s uranium, if the ban on mining were to be lifted.
WA has long maintained a reputation as a premier mining destination. However, as global competition intensifies, it is essential for the state to explore new avenues for economic diversification. Corrigan points out that developing the uranium sector could create as many as 9,000 jobs and generate an estimated $1 billion in annual economic value, according to the Chamber of Commerce and Industry of WA.
In his previous role as Head of Corporate Affairs at BHP’s Olympic Dam, Corrigan witnessed the positive impacts of a successful uranium project. He recalls how the project not only bolstered local communities but also became a point of pride for the state of South Australia. He believes that similar outcomes could be achieved in WA, enhancing its reputation as a resource powerhouse.
Recent comments from Premier Roger Cook suggest a potential shift in attitude towards uranium mining. While addressing the importance of WA’s resources in international markets, Cook indicated that the state is “watching this space” regarding uranium. This acknowledgment could pave the way for future discussions about lifting the mining ban.
Changing the current policy does not require legislative action. A simple policy shift from Premier Cook could enable the development of a uranium sector within the next few years. Corrigan argues that the same narrative used to promote WA’s liquefied natural gas—that it contributes to global emissions reduction—could easily apply to uranium exports.
In summary, the development of WA’s uranium sector could fulfill an essential role in the global energy landscape, aligning with many countries’ net-zero aspirations. The state government has a unique opportunity to embrace this potential, benefitting both its economy and the international community’s energy needs. With the right regulatory framework and public policy, WA could soon emerge as a vital player in the global uranium market.
