Uranium bank

Press, 18 June 1976, Page 6

Uranium bank

NZPA London A proposal for a world uranium stockpile sufficient to meet expected needs for two years received widespread backing at a symposium of uranium producers and consumers in London today.' The proposal came from Professor Heinrich Mandel, a director of West Germany’s biggest electrical utility, as part of measures he saw as necessary to stabilise the market in uranium. He was given firm endorsement by Mr John Kostuik, chairman of the Uranium Institute, which organised the symposium to mark its first birthday. “It really is a wonderful way to store energy.” he said as he summed up the results of the discussions for the more than 200 experts representing both producers and consumers. As he pointed out, one kilo of “yellowcake” contains as much energy as 20 tonnes of coal. Australia had a strong representation at the symposium, which was designed to try and sort out the varying

projections for supply and demand of uranium. Professor Mandel said his stockpile plan was aimed at insuring producers against interruptions caused by an “act of God” — or other unforseen circumstances, at meeting temporary leaps in consumers’ requirements, and at covering political risks ranging from export restrictions, to the overthrow of governments by force. Despite union opposition and Government delays. Australian uranium was expected to be available on the world market in substantial quantities by 1980, the chairman of Pancontinental Mining, Ltd (Mr Anthony Grey) told the symposium. Canadian-born Mr Grey, whose paper was headed “Australian uranium — will it ever become available” was one of the principal speakers at the symposium organised to bring together suppliers and consumers concerned with plotting future demand for the mineral. Opposition to Australian uranium mining from “radical environmentalist groups” such as the Australian Conservation Foundation and the Friends of the Earth was likely to continue. Mr Grey said.