The development of South Australia’s next major uranium mining development has inched closer after the signing of a 10-year least for the Four Mile site.


State Minister for Mineral Resources and Energy Tom Koutsantonis said the lease has been accepted by proponents of the project near the Beverley uranium mine in the state’s far north.


“PACE funding played a crucial role in discovering the resource at Four Mile, one of the most significant uranium deposits anywhere in the world in the past 25 years,” Mr Koutsantonis says.


“The lease accepted by Quasar, an affiliate of Heathgate Resources, the owner and operator of the Beverley Mine, and ASX-listed Alliance Resources allows these joint venturers to develop a mining and rehabilitation program for the Four Mile project.”


The minister said he expects the mine to cater heavily for demand from both China and India.


“China’s domestic production of uranium can only meet a small part of the demand created by its 13 operating nuclear reactors and the 27 more under construction,” Mr Koutsantonis said.


“India on the other hand is expected to increase its use of nuclear power from its current three percent of electricity generation to 40 percent by 2050."