Australia’s NSW state overturns 26-year-old uranium ban

Uranium exploration in Australia’s eastern state of New South Wales (NSW) may soon become a reality after Premier Barry O’Farrell’s cabinet checked off on a proposal to reverse a 26-year-old ban, reports the Sydney Morning Herald.

The decision, which leaves Victoria as the only state where it is illegal to prospect for the yellow element, came after the NSW’s Federal Government opened the door earlier this month on selling the resource to India.

“It is time for NSW to look at every opportunity to join the mining boom which is delivering enormous profits and jobs to Western Australia, Queensland and South Australia,” O’Farrell said last night:

The first task was to determine the size of uranium deposits in the state, he said.

“We are not about to rush into mining uranium until we have carried out the necessary environmental and exploration checks and have had a mature and sensible discussion about utilizing this resource.”

BHP Billiton recently received approval to expand its Olympic Dam uranium mine in South Australia and has projected the expansion will create more than 13,000 jobs and contribute more than $45 billion to the economy over the next 30 years.