Prime Minister Julia Gillard and Russian President Dmitry Medvedev have signed off on an agreement to resume uranium sales to Russia.
Ms Gillard and Mr Medvedev met on the sidelines of the G20 leaders meeting in Seoul on Thursday and exchanged an agreement on co-operation in the use of nuclear energy for peaceful purposes.
The deal will mean Australian miners will be able to supply uranium to Russia for use in the civil nuclear power industry.
It updates a 1990 deal that enabled Australia to sell uranium to be processed in Russia on behalf of third countries.
Ms Gillard said in a statement the agreement brought Australia’s bilateral nuclear relationship with Russia into line with the agreements in place with other countries, including the US, China, Japan and the Republic of Korea.
“The agreement will help Russia to meet its expanding energy needs as it seeks to reduce its greenhouse emissions by diversifying its energy sources and shifting away from a reliance on fossil fuels,” she said.
“It will increase export opportunities and create jobs for Australia’s uranium suppliers and consolidates Australia’s position as a reliable provider of energy resources.”
Ms Gillard said the agreement met all of Australia’s nuclear safeguards.
Nuclear material transferred to Russia under the agreement will be used solely for peaceful, non-military purposes.
Australian uranium can only be used, processed or stored in facilities subject to Russia’s safeguards agreement with the International Atomic Energy Agency.
The agreement also provides for co-operation in developing nuclear technology
