WA support for uranium mining surges as industry, investors push to lift ban, citing economic growth, energy security, and global demand for nuclear power

New polling reveals that most Western Australians now support lifting the state’s ban on uranium mining, highlighting a shift in public sentiment toward embracing the industry.

The poll, conducted by Painted Dog Research and commissioned by the Association of Mining and Exploration Companies (AMEC), surveyed 806 respondents aged 18 and over across metropolitan and regional WA. It found that 57 per cent of respondents support overturning the uranium mining ban implemented in 2017—an increase from 49 per cent in a similar industry poll conducted in 2023.

AMEC Chief Executive Officer Warren Pearce said the results reflect growing recognition of uranium’s economic and environmental benefits.

“What this poll demonstrates is that West Australians can see the value in uranium mining for our economy and our state,” Warren said. “It also points to a community understanding that WA is a mining state, with the professionalism and skill to deal with uranium mining in a safe and responsible way. Quite frankly, it’s time for WA Labor to reconsider the current ban and move with the times.”

Warren says the rising demand for uranium, driven by the global shift toward decarbonisation, makes WA’s outdated policy increasingly untenable.

When asked, ‘Do you support uranium mining as a way of reducing the world’s carbon emissions?’, 58 per cent of respondents said ‘Yes’, while only 15 per cent expressed little or no support.

With a state election looming, AMEC is calling on WA Labor to clarify its position before March 8, urging the party to confirm whether it would consider overturning the ban if re-elected.

Industry leaders back policy change

Speaking at the recent RIU Explorers Conference in Fremantle, Jonathan Fisher, Managing Director of Cauldron Energy (ASX: CXU), delivered a compelling case for lifting Western Australia’s uranium ban, describing it as a missed economic opportunity. He emphasised that despite holding the world’s largest known uranium reserves, Australia’s production is severely limited. He explained:

“Australia holds the world’s largest known uranium reserves, yet our production is limited to South Australia, contributing only 5,000 tonnes per year. This uranium, once utilised in reactors, offsets 200 million tonnes of CO₂ emissions compared to fossil fuel alternatives. If Western Australia and Queensland lifted their uranium mining bans, Australia’s production could increase to 12,000–15,000 tonnes annually—making a substantial impact on global decarbonisation efforts.”

Cauldron Energy is actively developing the Yanrey Uranium Project, located in WA’s northwest near Paladin Energy’s Manyingee deposit. The company has already defined a JORC-compliant resource of 30 million pounds [13,608 metric tonnes] of uranium, with further expansion potential. The project is being developed for in-situ recovery (ISR), a low-cost and environmentally sustainable mining method that has been successfully used in South Australia and globally. If the WA uranium ban were lifted, Cauldron would be in a prime position to fast-track development and attract investment.

Todd Ross, Managing Director of DevEx Resources Ltd (ASX: DEV), who also spoke at the Explorers Conference, emphasised the resurgence of the uranium sector and its critical role in the global energy transition. DevEx has a strategic portfolio of uranium assets, primarily in the Northern Territory, where the company is advancing the Nabarlek and Murphy West uranium projects.

He stressed the geopolitical importance of Australia as a uranium supplier, stating that Western allies are actively seeking secure, politically stable sources of uranium.

“The global uranium supply chain is shifting. Countries are looking for politically stable, high-quality uranium suppliers—and Australia is perfectly positioned to meet that demand,” he said.

Addressing concerns about uranium mining in WA, Jonathan noted that the state has both the expertise and infrastructure necessary to manage uranium safely. He highlighted:

“Despite what some may claim, uranium mining in Western Australia is both feasible and safe. South Australia has been doing it successfully for nearly 50 years, and WA already mines mineral sands with high radiation levels. We have the expertise and infrastructure, including the world-class Tellus Holdings radioactive waste facility at Sandy Ridge. The reality is that transporting uranium is straightforward—it’s sealed in drums, transported via public roads to public ports, and shipped in standard containers. The risks are well understood and easily managed.”

WA’s opportunity to lead

Warren said WA has the potential to become the eighth-largest uranium supplier in the world, unlocking significant economic and employment benefits.

“It would create more jobs, attract investment, diversify the economy beyond iron ore and gold, and establish a new billion-dollar commodity export market,” he said.

“With job losses in the nickel and lithium sectors over the past 12 to 18 months, now is the perfect time to throw out the ban and introduce a new commodity into our mining mix. WA can be a global leader in uranium exports.”

With strong community backing, increasing global demand, and a robust mining regulatory framework already in place, the time for change is now, says Jonathan.

“The WA government is being urged to listen to the public and reconsider the uranium mining ban—before Western Australia misses out on a lucrative and strategically important opportunity.

“Contrary to popular belief, lifting the uranium ban in WA does not require a change in government. There is minimal resistance within parliamentary circles on either side. The key is demonstrating strong public support, particularly as the state’s economy looks for future industries beyond iron ore.”

The Uranium Market: Why Now?

The uranium market is undergoing a significant resurgence, driven by the global push for decarbonisation and energy security. As the second-largest source of clean energy, nuclear power is at the heart of this transformation. Major economies—including the United States, Canada, the United Kingdom, and France—have pledged to triple nuclear capacity by 2050, while China is on track to become the world’s largest uranium consumer by 2028.

According to the latest World Nuclear Association report, nuclear energy generated 2,602 terawatt-hours (TWh) in 2023, supplying 9 percent of global electricity. China leads with 58 operational reactors and 29 under construction, while the U.S. remains the largest producer but lacks new projects. A 40-million-pound uranium supply deficit poses a risk to future stability as demand outpaces production. While France remains the most nuclear-dependent nation, Germany has fully phased out nuclear energy, marking a stark contrast in policy approaches. Meanwhile, Poland, Saudi Arabia, and Turkey are emerging as new nuclear players, and AI-driven energy demand is further accelerating investment in nuclear infrastructure.

Despite growing interest, historical underinvestment in uranium mining continues to challenge supply chains. Western utilities, having secured conversion and enrichment services, are now shifting focus to long-term uranium supply agreements. With 308 new reactors projected by 2040, nuclear power is set to play an even greater role in global energy stability and carbon reduction efforts.

As uranium spot prices have surged from US$16 per pound in December 2021 to US$96 per pound in December 2024, companies with strong production pipelines stand to benefit from this evolving market landscape.

Todd stressed that after years of speculation, the uranium market is now poised for substantial, sustained growth.

“We've all heard for years that the uranium market is about to take off. This time, the fundamentals truly support that view,” he said.

“Currently, there are 415 operational nuclear reactors worldwide, with another 66 in the planning phase. By 2040, uranium demand is projected to increase by 200 per cent, far outpacing forecasted supply. This deficit is particularly significant in regions like India, where major nuclear energy programs have been announced.”

While uranium spot prices may fluctuate due to the nature of long-term contracting in the market, Todd expects significant growth in demand over the coming years.

“It’s not just clean energy driving this demand. The rise of energy-intensive industries, including artificial intelligence and data centres, is also contributing,” he said.

“Companies like Microsoft, Google, Oracle, and Amazon have announced investments in nuclear energy to power their operations. Data centres alone are projected to require over $58 billion in energy infrastructure investments.”

Todd further highlighted how AI is becoming a major energy consumer and reinforcing the need for clean, reliable baseload energy.

“For context, a single ChatGPT query consumes roughly ten times the energy of a Google search,” Todd explained.

“This exponential demand reinforces the need for scalable, stable energy solutions—making uranium and nuclear power more critical than ever before.”