That idiot, among others, was Sir Marcus Laurence Elwin “Mark” Oliphant, AC, KBE, FRS, FAA, FTSE – a South Australian physicist and humanitarian who worked with Ernest Rutherford in Britain on nuclear physics, playing an important role in the first experimental demonstration of nuclear fusion and in the development of the first atom bomb at the Manhattan Project.

Foreign Minister Bert Evatt was the first president of the UN Atomic Energy Commission in 1946, a body set up ‘to deal with the problems raised by the discovery of atomic energy’.

But Australians in general have always been in two minds about nuclear technology.

It is OK to sell uranium to world markets provided our atoms are only used to generate electricity? It is not OK to construct nuclear reactors in Australia?

It was OK during the Cold War to consider getting our own nuclear weapons, but not OK even to consider acquiring them at the Cold War’s end.

It is now OK for Australia to be the first non-nuclear weapons state to acquire nuclear-propelled submarines. But it is not OK to arm them with their natural accompaniment – nuclear ballistic missiles.

Australia’s plan to acquire nuclear submarines under the AUKUS trilateral security partnership enjoys support from 70% of the country’s public, a poll released recently shows, as a growing number of people view Russia and China as threats.

The results of an annual survey by the Lowy Institute, a Sydney-based think tank, come after Australia, the UK and the US unveiled AUKUS in September.

As part of the pact, the two other members will help Australia acquire nuclear-powered submarines.

Last week, according to the latest Lowy Institute poll, a full third of respondents were “strongly in favour” of Australia obtaining the submarines, while another 37% were “somewhat in favour.”

One feels DFAT will need to update its website.

“In February 1970, Australia decided to forego the possible pursuit of nuclear weapons by signing the Nuclear Non-proliferation Treaty (NPT).

Since then, Australia has been one of the treaty’s strongest supporters. In 1995, we collectively succeeded in ensuring the Treaty was extended indefinitely.”

In 1986 Australia joined the South Pacific Nuclear Free Zone Treaty (Treaty of Rarotonga) and is bound to the deal and obligations through the South Pacific Nuclear Free Zone Treaty Act. Again, we’d better call the webmaster at DFAT.

“The treaty prohibits States Parties from the manufacture, production or acquisition of nuclear explosive devices; research and development relating to their manufacture or production; the possession or control over such devices; the stationing of nuclear explosive devices in their territories; and the testing of nuclear explosive devices in the region.”

The Lowy poll which collected nuclear ideas from roughly 2,000 Australian adults, mostly in March, found just 11% of us “strongly against” the nuclear subs while 17% were “somewhat against” it.

It’s a pretty incredible turnaround, with the traditional anti-nuclear sentiment in Australia.

But a full 63% of respondents in the poll either strongly or somewhat opposed Australia acquiring nuclear weapons. Just 11% strongly favoured obtaining nuclear weapons, while 25% were somewhat in favour.

The Lowy poll revealed a slim majority (52%) would support removing the ban on nuclear power, up five points from last year.

Opposition to removing the ban dropped by six points from last year, to 45%.

We’ve been having a few power problems of our own lately.

There’s some big conversations happening and not a heap of really gripping solutions that don’t smack of madness, fraud or dreamy dreams.

According to Stockhead’s Emma Davies, International Atomic Energy Agency’s (IAEA) Uranium Production Specialist Dr Adrienne Hanly has flagged that uranium inventories are precariously low.

At the recent World Nuclear Fuel Cycle conference in London, Dr Hanly said uranium fuel inventory levels for US nuclear utilities are at just 16 months of requirements – below the recommended 2+ years minimum.

The nuclear fuel has a new lease on life as a mooted solution to the issue of providing firming electricity to accompany the expanding rollout of wind and solar as Western governments try (though at this point they seem to be largely failing) to wean themselves off fossil fuels.

And as Josh Chiat, also from Stockhead, pointed out last week, spot prices may have fallen from above US$60/lb a couple months ago to US$47.50/lb, but that makes the sector a whole lot more investable now than it did five years ago, when prices of US$18/lb made turning a profit in the field a nigh-on-impossible task.

Stockhead’s Reuben Adams wrote that only last year the famed mining investor, president and founder of Rule Investment Media, Mr Rick Rule of no fixed address, said the easy money in uranium had been made.

Onya Rick, thanks.

But as Reuben points out, things change, and the uranium price is doing some rather interesting things in 2022.

Uranium stocks have mirrored movements in the spot price like last month’s 11-year high of US$65/pound – the magic number often touted by uranium players that would push them to get into production – and the subsequent plunge back below $US50/lb.

So while the tide of public opinion turns, the demand and supply cycle spins, and energy investors start picking sides, here are some ASX uranium businesses which Rick and the rest reckon still have a case to make.

Boss Energy (ASX:BOE) recently announced it would restart the Honeymoon uranium mine over in South Australia after nine years in mothballs.

Boss flagged the final investment decision in March with a $125 million share placement which, along with a strategic uranium stockpile of 1.25Mlb worth an estimated US$59.38m, should help fund it into production.

The 2.45Mlb per annum yellowcake mine, which will cost around $113 million to construct and refurbish, will be just the third operating in Australia alongside BHP’s (ASX:BHP) Olympic Dam and the privately owned Beverley mine, also in SA.

Boss plans to be in production by the fourth quarter of 2023 with a three-year ramp-up to its full production rate, timed for a looming nuclear supply shortage expected from 2024.

Honeymoon is set to operate for an initial life of 11 years, with an IRR of 47% at a uranium price of US$60/lb.