The French Connection  

The Herald has an article up about the vultures circling prospective Australian uranium mines - in this particular case the French nuclear industry, which is no doubt keen to secure supplies as far out into the future as it can.

On a side note, I'm somewhat disgruntled that I let my conscience, combined with a case of the jitters during the March soft period on the stock market, lead me to dump the uranium stocks I'd amorally and opportunistically bought at the beginning of the year. While I did pretty well out of it anyway ERA is up 60% since April and Paladin over 80%. There must be some people out there making a lot of money from this boom.

The French newspaper Le Monde published a supplement lauding the environmental wonders of emissions-free nuclear power last year - with an idyllic postcard view of Sydney splashed in front.

Only the small print explained the seemingly incongruous Australian connection. The special liftout was, in fact, a large advertisement, on behalf of the French nuclear industry giant AREVA.

And it is AREVA that is pushing very hard for access to the rich Koongarra uranium deposit in the Northern Territory. This obscure anecdote illustrates an important reality - like it or not, Australia is already at the centre of the new global nuclear debate. Australia has no nuclear power industry, nor apparent nuclear aspirations. But with 40 per cent of the world's uranium deposits, Australia stands to play a decisive role in the expansion of nuclear power generation worldwide. The Federal Government's declaration that is has seized control of uranium mining in the Northern Territory, and that the Territory is open for business, puts AREVA and prospective Asian buyers a step closer to new uranium supplies.