Australia and India finalise uranium export deal

Australia and India have finalised an agreement enabling Australian uranium exports to India, opening an additional market for the resources sector.

Prime Minister Anthony Albanese and Indian Prime Minister Shri Narendra Modi met on Thursday to sign the administrative arrangement allowing uranium to be exported to India exclusively for peaceful purposes under the 2015 Australia–India Nuclear Cooperation Agreement.

*India is Australia’s 4th largest source of refined petroleum and Australia is a longstanding supplier of coal and liquified natural gas to India.*

Prime Minister Albanese says India is an important and reliable energy partner for Australia.

“Like India, Australia is taking steps to address the fuel crisis and secure energy supply chains that are resilient and sustainable,” he said.

“Australia’s natural resources are vital for other countries’ energy security and stability, and we look forward to becoming a reliable, trusted supplier of uranium to India.”

During their meeting, the leaders reaffirmed the need to expedite efforts to address climate change and welcomed progress under the India–Australia Renewable Energy Partnership.

The leaders also confirmed ongoing cooperation on critical minerals through a refreshed memorandum of understanding (MoU) between Geoscience Australia and Geological Survey of India. The MoU provides a framework for science exchanges to support resource mapping and mineral exploration.

Federal Resources Minister Madeleine King says Australia and India are natural partners for resources and energy.

“The new MoU between our world-class geological organisations, Geoscience Australia and the Geological Survey of India, will help uncover potential new deposits of critical minerals and other resources that will support our growing economic partnership,” she said.

The leaders also acknowledged the Federal Government’s decision to re-award Major Project Status for Perdaman’s Project Ceres in Karratha, WA.

The project is expected to become Australia’s largest urea plant and has received almost $750m in support through loans from Export Finance Australia and the Northern Australia Infrastructure Facility.

“The Perdaman Project is a great example of how our two nations can work together to help develop a new global supply chain for urea fertiliser, which will improve food security and economic security for our two nations,” Minister King said.