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Stocks jump on uranium policy backflip
- The Fukushima meltdown in Japan back in March started a global chain reaction of developed nations scaling back their nuclear power generating aspirations.
- Australia's largest producer, ERA, has seen its share price slide about 80 per cent
- Selling uranium to India will be good for the Australian economy and good for Australian jobs.
- Julia Gillard announced plans to allow uranium exports to India. If approved by the ALP national conference, it would overturn a ban that Kevin Rudd imposed in 2008.
- Uranium contributes over $750 million to the Australian economy, creating over 4,200 jobs.
- China, Japan, Korea and other enterprises have been investing in enterprises in Australia. They're very interested in uranium off-take, so India now has the opportunity to come and do that as well.
- From our perspective there is just one global market for uranium. Currently the Canadians mostly supply India.
- 25 per cent fall in the uranium price after the Fukushima incident
- Australia faces aggressive competition from the world's biggest uranium exporters, Kazakhstan and Canada.
- A billion dollars is what we're actually exporting now. We would get perhaps $250, $300 million worth of additional sales at current spot prices if we were to satisfy India's demand.
- The association is forecasting Australia's uranium exports could double by 2020.
- While the Fukushima meltdown has seen nuclear stalwarts like Germany and Switzerland look at alternative power sources over the longer term, there are signs the uranium market might be returning to more normal conditions, with the Japanese Government eager to power up its idle reactors.
Foreign exchange reserves decline to $314.339 billion
India's foreign exchange reserves declined by $326 million to $314.339 billion during the week ended November 11, 2011, from $314.665 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement.
