The Company is based in Adelaide and was formed in 1990. The Beverley mine was officially opened on 21 February 2001 and since production began in late 2000 the Company has been contributing significantly to South Australia and its economy. In August 2008 an extension to the Beverley Uranium Mines mining lease was approved, followed by approval of the Beverley North Mine in early 2011, ensuring that Beverley continues operation well into the future.
With global population likely to reach 10 billion by the middle of the 21st century, demand for electricity, particularly in Asia and Eastern Europe, is set to more than double. The growing concern with climate change is leading to increasing reliance on nuclear-fuelled power plants as power utilities and governments strive to reduce greenhouse gas emissions from fossil fuel power stations and meet the growing demand. 1,000 tonnes of uranium produces the same amount of electricity as 15 million tonnes of coal, which emits 40 million tonnes of carbon dioxide – the principal greenhouse gas. Nuclear power produces very little greenhouse gas.
In early 2011, there were more than 440 operating nuclear power plants and, together they provide about 14 percent of the world’s electricity as continuous, reliable base-load power, and their efficiency is increasing. 56 countries operate around 250 research reactors and a further 180 nuclear reactors power some 140 ships and submarines. Some countries depend more on nuclear power than others. For instance, sixteen countries depend on nuclear power for at least a quarter of their electricity. France receives around three quarters of its power from nuclear energy, while Belgium, Bulgaria, Czech Republic and Finland get more than a quarter of their power from nuclear energy and the USA gets one fifth. http://www.world-nuclear.org/info/inf01.html.
In 2006 the Chinese government set a goal of having 40 GWe of nuclear power capacity installed by 2020, today that capacity will likely be achieved by 2015 with an additional 30 GWe planned by 2020. The Chinese have a further 130 GWe planned to be installed by 2030 with tentative plans for up to a total of 400 GWe of nuclear power capacity to be installed by 2050.