Western Australia's Premier Roger Cook reminded delegates at Wednesday’s AFR Mining Summit in Perth that while developing renewable energy derived from natural gas is the priority for the state, Australia must keep an open mind to new energy technologies.
One new technology Cook has alluded to as an alternative energy source is the radioactive mineral thorium.
Given that thorium is not currently mined in WA – and cannot be exported due to its radiation - Cook wants a more flexible outlook on future power generation.
Taking its cue from work undertaken by United States billionaire Bill Gates - whose company TerraPower is developing technology to use the mineral in reactors – Cook also urges Australia to have a more flexible outlook in terms of alternative energy sources.
“I’m attracted to some of the work, for instance, that Bill Gates is doing, particularly around thorium reactors and things like that,” Cook told the AFR in the prelude to Wednesday’s event.
“I think we just need to be open to the fact that technology and energy sources will evolve over time,” he said.
As a potential nuclear fuel, head of global commodities for Perennial Funds Management Sam Berridge said thorium was a worthwhile technology for Australian governments to investigate.
“I think mining it in Australia would certainly be viable, whether or not we can develop a domestic thorium-based nuclear industry that is commercially viable is another question,” he said.
“We should absolutely be looking at this stuff. Nothing ventured, nothing gained. If the government wants to give it a bit of support then who knows what may come of it?"
Given the existing regulatory frameworks, both at the state level and federally, the Chamber of Minerals and Energy (CME) believes bans on mining activity in WA are unnecessary.
The CME also reminded the government that west coast companies have been safely managing thorium-containing materials associated with mining for more than 60 years.
Meanwhile, talking more broadly, Cook reminded Canberra to recognise the role WA's royal flush of resource attributes plays in keeping the Australian economy strong.
“To maintain the economy, we’re diversifying and remaining a global leader in investment attraction,” he said.
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