Australian PM Visits India To Sign Lucrative New Uranium Deal

Australian Prime Minister Tony Abbott started a two-day trip to India Thursday with plans to sign a nuclear cooperation agreement that will allow Australia to sell uranium to New Delhi.

"I am hoping to sign a nuclear cooperation agreement that will enable uranium sales by Australia to India," Abbott said before leaving.
"My hope is to deepen the friendship between Australia and India at a time of renewed optimism in India under the new government of prime minister Modi," he said.
The trip is Abbott's first visit to India as Prime Minister.

Abbott will first arrive in Mumbai, where he is expected to visit a memorial for the victims of the 2008 Mumbai terror attacks and hold meetings with business leaders. Then he will travel to New Delhi where, on Friday, he will meet his recently elected Indian counterpart Narendra Modi.

The pair are expected to sign a long-awaited nuclear cooperation agreement.
The deal will reduce India's nuclear isolation and increase its uranium supply options, while providing Australia with market diversification beyond China.

Australia has more than a third of the world's uranium reserves. The Minerals Council estimated a rise in demand from China and India would lead to Australia's uranium exports growing from 630 million AU dollars in 2013/14 to about 1.1 billion AU dollars by 2019.
Australia has refused to sell India uranium under the leadership of Kevin Rudd. The ban was lifted in 2011 under the leadership of Julia Gillard, and the new deal is expected to significantly improve relations between the two nations. (Cihan/Xinhua)