Australia's main opposition has proposed a $211 billion taxpayer-funded nuclear power plan. If successful, the turn to nuclear power would be a historic event for one of the largest global commodity producers.
The country's approach to climate change has been politically charged, contributing to the downfall of former Prime Minister Scott Morrison in 2022. Australia remains one of the largest per-capita polluters globally, and Dutton's proposal directly challenges the ruling Labor Party's renewables-only strategy.
He called Labor's plan costly, citing claims that a balanced energy mix, including nuclear, would save taxpayers and businesses $167 billion. Australia has no operational nuclear power plants, as the industry was banned in 1998 under the Environment Protection and Biodiversity Conservation Act.
Currently, the active uranium mining operations exist at just 3 locations:
The largest publicly traded uranium producer, Cameco (NYSE:CCJ), owns the Yeelirrie project in the region, which it acquired from BHP in 2012.
A network of strategically placed nuclear power plants would help solve this problem, reducing the cost of commodity production and further strengthening the Australian industry. As the 2025 general elections draw closer, nuclear power and uranium mining will likely become important topics down under.
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