Australia and China ratify nuclear fuel deal

SYDNEY (AFP) – Australia and China have ratified a nuclear agreement clearing the way for the export of uranium to feed Beijing’s giant nuclear power programme, Canberra has said.

The agreement providing a legal framework for shipments of the nuclear fuel to the Asian powerhouse will come into force in 30 days, Foreign Minister Alexander Downer said in a statement.

“The timing and quantities of exports will be a matter for commercial negotiation,” Downer said.

Australia, which has the world’s largest known reserves of uranium, expects to earn some 250 million dollars (187 million US) a year from the deal, a Senate committee was told last year.

AFP