Queensland could miss out on millions in uranium investment under Newman government

The chairman of Perth's Summit Resources (ASX:SMM) has said Queensland could miss out on millions in uranium investment due to the Newman government's failure to establish a more certain and welcoming policy environment.

The Herald Sun writes that Summit Resources chairman Brendan O'Hara has said Queensland's Newman government is deterring uranium developers from pursuing investments in Australia's resource-rich sunshine state, as well as compelling them to turn their attention to other states or countries with a more encouraging attitude towards uranium mining.

Key Summit Energy shareholder Paladin Energy (ASX:PDN) has already decided to focus on a Canada-based uranium project in lieu of deposits near Queensland's Mount Isa.

Campbell Newman was elected premier of the state of Queensland in March this year as leader of the Liberal National Party of Queensland – Australia's right-wing conservative party.

Although O'Hara has said Newman's leadership team has always provided a "positive response" on the issue of uranium mining in Queensland, only months following his election Newman informed parliament that "we have no plans to mine uranium in Queensland."

Rob Katter, the state member for Mount Isa, recently wrote in the Courier-Mail that Queensland has around AUD$20 billion in uranium deposits which have been left neglected as a result of poor government policy.


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