South Australia will produce enough uranium to fuel a third of the world’s nuclear power plants if the Olympic Dam expansion goes ahead, Mineral and Resources Minister Tom Koutsantonis says.
The minister has offered the insight into the level of uranium production expected should mining giant BHP Billiton push ahead with the $30 billion expansion of the copper, uranium and gold project in the state’s north.
Last year SA produced 4,520 tonnes of uranium, or just eight per cent of the global total and enough to fuel six one-gigawatt nuclear reactors.
“Should the proposed expansion of the world’s largest known uranium deposit at Olympic Dam progress as expected, then it’s likely this state will be producing enough uranium to fuel a third of the world’s 386 operating nuclear plants,” Mr Koutsantonis told the Australia China Resources Symposium in Adelaide.
“This expansion will not only result in the world’s largest uranium mine, but the world’s largest open pit mine, the fourth largest copper mine and the fourth largest goldmine.”
BHP Billiton has until the end of this year to give the final go ahead for the Olympic Dam expansion or face the need to renegotiate state government approvals.
Hosting Wednesday’s symposium in conjunction with the Northern Territory government, Mr Koutsantonis said the state and territory offered a formidable resource base to support economic growth in China.
“Our regions together form a corridor that can meet China’s requirements for key mineral commodities such as copper, uranium, iron ore, base and precious metals,” he said.
As well as increasing uranium production, the minister said SA would at least double annual iron ore production over the next five years to about 17 million tonnes.
