Australia calls for boosting uranium industry

Australian Minister for Resources and Energy Gary Gray Tuesday called on the uranium industry to work with all parliaments to help meet rapidly growing global demand.

A news release by the minister's office said Gray told the Australian Institute of Mining and Metallurgy's international conference in Darwin that Australia needed new mines, reports Xinhua.

"We need industry to commit to further development of new projects to ensure that our uranium production meets global demand, particularly as demand for uranium is likely to surpass current supply," Gray said.

"Uranium exploration and mining have particular characteristics that make its exploitation complex.

"Parliament and industry must work together to ensure that mining, processing, commercial and regulatory actions represent best practice and encourage the growth of the uranium industry."

Australia holds 40 percent of the world's known uranium reserves and the country's uranium industry plays an important part in the global electricity market.

The Australian government has agreed to lift the ban of exporting uranium to India, but a final deal to export Australian uranium to New Delhi could be years away.