A Comedy of Errors: Uranium Policy in Australia

The word governing derives from gubernare meaningto pilot a ship. Being inclined to metaphors, one could be forgiven to think that politicians act this verb and captain the Nation's ship into some definite course. In the case of at least the mineral resources industry, it seems that there are not many James Cook followers in our parliaments: Australia's approach to mineral and energy policy is often chaotic - witness the 1935 to 1961 ban on iron ore export-ing which prevented the development of a significant steel industry at time when the World was hungry for this metal, just to mention one amongst many other examples.The follies of Australia's mineral policies are well il-lustrated in the case of uranium mining. Although Australia had the Western World's largest economic reserves of uranium, it is onlythefifth producing nation and its uranium potential is largely unrealised. At the root of this situation are the interventionist attitudes and policies of successive Federal Governments which for more than four decades distorted the Investment decision and, in more recent times. discouraaed investment.