Australia and China have ratified a nuclear agreement clearing the way for the export of uranium to feed Beijing's giant nuclear power program, Canberra said yesterday.
The agreement providing a legal framework for shipments of the nuclear fuel to the Asian powerhouse will enter into force in 30 days, Foreign Minister Alexander Downer said in a statement.
"The timing and quantities of exports will be a matter for commercial negotiation," Downer said.
Australia, which has the world's largest known reserves of uranium, expects to earn some A$250 million (US$187 million) a year from the deal, a Senate committee was told last year.
China has announced plans to build 28 new nuclear reactors and by 2020 the annual uranium requirement would be about 8,000 tonnes a year, the committee was told by experts.
The deal was finalized by Chinese Premier Wen Jiabao (溫家寶) during a visit to Australia last April after 12 months of negotiations over safeguards to ensure the fuel would not be used in nuclear weapons.
The agreement signed by Wen and Australian Prime Minister John Howard commits China to abide by the rules of the International Atomic Energy Agency and the principles of the Nuclear Non-Proliferation Treaty.
Downer said the agreement was ratified through an exchange of diplomatic notes in Beijing on Thursday after the government's standing committee on treaties gave the go-ahead.
China has already moved to guarantee supplies for its prog-ram, with a Chinese government-owned firm agreeing in September to buy a controlling stake in two Australian uranium ventures.
Australian mining company PepinNini said it had signed a memorandum of understanding with China's Sinosteel Corporation for the joint development of the Crocker Well and Mount Victoria uranium deposits in the state of South Australia.
After reaching the agreement with China, Australia came under pressure from rival Asian giant India to supply uranium for its own nuclear power needs.
Canberra has so far refused, on the grounds that it will not supply the fuel to countries such as India that have not signed the non-proliferation treaty.
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