US support boosts uranium

US support boosts uranium
Mandi Zonneveldt
12jan06

SHARES in Australia's largest-producing uranium mine shot up almost 6 per cent yesterday after the United States said it would back Australia's plan to sell the nuclear fuel to China.

Energy Resources of Australia gained 63c to $11.50, its highest point since three major shareholders announced they were selling their holdings last year.
US Energy Secretary Sam Bodman gave Australia his support at a major international climate change conference in Sydney.

He said the world was facing an increase in demand for electricity and would have to look at developing nuclear power in response.

Executives of more than a dozen global companies have joined government ministers at the Asia Pacific Partnership on Clean Development and Climate Summit.


Federal Resources Minister Ian Macfarlane said businesses had to play a role in reducing greenhouse gas emissions.

"Governments and taxpayers simply won't be able to afford the sorts of measures that need to be put in place over the next three to five decades," he said.

The summit will see a series of working groups set up, backed by funding from Australia and the US, with projects to be announced later.