Australia and India reached an agreement during Prime Minister Narendra Modi’s visit to allow Australian uranium exports to India for use in the nuclear energy industry.
Prime Minister Anthony Albanese said the arrangement would facilitate uranium exports to help increase the share of non-fossil fuel power in India, and would provide an additional market for Australia’s resources sector. The governments did not immediately provide details on export volumes, value, or timing.
India has long been looking to Australian uranium reserves to support its goal of reaching 100 gigawatts of nuclear energy capacity by 2047. Australia, meanwhile, is aiming to diversify trade beyond reliance on China.
The two countries had signed a nuclear cooperation pact in 2014, but uranium exports have been limited due to concerns that nuclear fuel could end up in India’s weapons program. The new agreement includes assurances that the nuclear fuel would be used solely for peaceful purposes, such as power generation.
During the visit, Modi described the relationship with Australia as offering “historic opportunities” and highlighted potential cooperation beyond uranium, including renewables, critical minerals, green hydrogen, and possible low-carbon aluminium projects.
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