The uranium miner holds Exploration Licences over the Westmoreland Uranium Project and is keen to create jobs in the North West at its deposit.

Westmoreland is Laramide’s flagship project and ranks as one of the best development stage uranium assets in the world not controlled by a senior producer or utility.

Laramide Resources vice president and director Peter Mullens said ihe was buoyant about the future of uranium mining.

“The Newman Government has given positive encouragement to the Uranium Industry with its decision,” he said.

Laramide says its Westmoreland project, formerly owned by Rio Tinto, has reserves of 51.9 million pounds of uranium.

Uranium was last mined in Queensland in 1982 near Mount Isa. It was banned by a Labor state government seven years later.

Mr Mullens said the government’s framework indicated success was ahead for the industry.

“The framework is flexible, provides safeguards and above all gives certainty to the industry,” he said.

“It is certainty which encourages investment.”

Mr Mullens said the Newman Government had shown strong and determined leadership in the uranium Industry by giving the go ahead in Queensland to an industry that exists in the Northern Territory, South Australia and Western Australia.

“Our deposit in North West Queensland is quite close to the Northern Territory border – uranium was permitted on one side of an imaginary line and not the other,” he said.

“We want to continue to work with all Governments to develop the deposit, create jobs and generate export dollars for Queensland and Australia.”

State Member for Mount Isa Robbie Katter also welcomed the report but admitted that the full benefits of the industry were likely not to be immediate.

“The action plan to implement a best practice regulatory framework for uranium mining in Queensland represents a very real opportunity for the North West in the future, once the uranium price strengthens and those nearby deposits are mined,” he said.

“Realistically this will equate to growth in exploration activity that has the potential to also identify copper deposits in the process. 

Mr Katter said he was proud of his influence in the lifting of the ban on uranium mining, stating it was something he strongly “supported and complimented the Queensland Government on”.