Saudi Arabia has spent more than $37 million since 2017 searching for deposits but only managed to identify reserves that would be “severely uneconomic” to mine.
Proceeds will be used to fund rehabilitation related to Energy Resources's Ranger uranium mine in the Northern Territory and repay a loan from Rio Tinto.
The new reduction is significant for a market where — despite the recent price fluctuations — supply was looking tight for the latter part of the year.
Rapidly rising energy demand spurred by the ongoing electrification of building and transport industries requires that Australia grows its energy storage capacity at least 10-fold by 2050.