Senate Economics Legislation Committee [Part 2], , 2:47:43 to 2:51:49
The committee examines significant downgrades in Australian uranium production forecasts and the impact of state-level restrictions and capacity constraints on meeting global demand.
Topics: Exports, Energy prices
Speakers: Senator Susan McDonald, Speaker 19, Dom English, Unknown Speaker
in again in the resources and energy quarterly world uranium consumption was forecast to rise from 97 kilot tons in 2026 to 107 in 2031. Over the same period, Australian uranium production is forecast to be flat at around 6.5 kilotons a year over the five-year outlook. Why is Australian uranium output forecast to remain flat over the next 5 years when production in countries like Canada and the US are forecast to grow uh at a time when world consumption is all for also forecast to
I think the short answer Senator is that there are uh capacity constraints in the expansion of the uranium sector that I think make it difficult to u see that growth varying much over the
>> should get on to your friends in the Queensland government senator. >> Well, it's uranium all over Australia. >> Oh yeah. What about the minister removing the lease on um Northern Territory restrictions on the Western Australian government? I'd like to come with you on this, Minister, but unfortunately this is an Australiawide or am I right? Is there uranium only in Queensland or is it right across
>> So now I would need to uh
Well, you know the answer, too, Senator. >> You do know the answer to that. Um, all right. Well, that's that's disappointing, isn't it? Because, uh, I I speak to uranium miners frequently who very willing to to mine and export additional uranium to meet world demand. It appears there are some been there have been some big downward uh revisions to your 5-year Australian uranium production forecasts since last year. Specifically in the March 25 REQ, Australian uranium production was forecast to grow to 8.3 by 2930, but in the current September report, Australia's forecast uranium production was revised down to 6.5. So that's a big downgrade. Can you tell me which Australian mines restarts or expansion projects were removed, delayed
>> Sorry, Senator, just to clarify, did you are you talking about volumes or values?
>> Uh volumes, I'm sorry, I should have said kilotons. Yep.
>> So, I would need to take that detail of
>> Okay. So on notice which Australian mines restarts or expansion projects were removed, delayed or reduced to lead to the downgrade from the March 2025 REQ to the September 2026 REQ. So a downgrade from 8.3 to 6.5 kilotons. Did Commonwealth policy, state uranium mining restrictions, approvals, or financing con constraints contribute to the downgrade.
So Senator, uranium is mined often in conjunction with other uh mineral deposits in particular gold and copper. The specific grades and concentrations of the various polyallic ores uh vary uh as the ore bodies are being mined. Uh as to the um specific reasons for the uh downgrade, I will have to take on