Australia to sell uranium to UAE under new agreement

Australia will be able to sell uranium to the United Arab Emirates (UAE) under the Nuclear Cooperation Agreement between Australia and UAE, a press release by Australia's Department of Foreign Affairs and Trade (DFAT) said on Tuesday.

Minister for Trade and Investment Andrew Robb met with UAE Foreign Minister Sheikh Abdullah in Abu Dhabi over night to witness the agreement's entry into force. "This Nuclear Cooperation Agreement has been secured because Australia is a reliable supplier of uranium, and the UAE is a responsible user of nuclear energy for civilian purposes and this will open up a new long-term market for Australian uranium producers," Robb said.

Australia exported 8,391 tonnes of uranium in 2012-13, worth about 823 million AU dollars (773 million U.S. dollars). From 2020, the UAE would hope to import around 800 tonnes per year.

Under the agreement, Australia will supply uranium for use in UAE's developing civil nuclear power program and cooperate in nuclear-related activities such as nuclear safeguards, security, safety, and nuclear science. "The Agreement reinforces Australia's close and expanding relationship with the UAE, based on our mutually shared political, strategic and economic interests," Robb said.

Robb is currently visiting the UAE and Saudi Arabia to discuss investment opportunities, showcase Australia's capability as an international education provider and strength in delivering education services in market.