Published on Thursday March 17 2011
The chief executive of one of Australia's biggest uranium miners, Paladin, has slammed the media and share traders for their treatment of nuclear focused businesses in the wake of the Japanese earthquake.
Paladin's chief executive John Borshoff says Uranium focused businesses have become a sideshow to the Japanese crisis.
"Which, though understandable as this is the nature of nuclear, is nevertheless having a highly destructive impact," he said.
"The media frenzy, the stakeholder positioning feeding on misinformation and hyperbole is astounding."
Despite this, the company insists the outlook is still positive for atomic energy suppliers.
The company says there are 440 active nuclear reactors in the world, and another 62 are already under construction.
Mr Borshoff says renewable energy is out of the question to supply enough energy, and gas will not be able to fill the hole left by coal, making nuclear power essential.
"When this all settles down, the big thing that will have to be confronted by Japan and all other economies is how to continue producing enough electricity which is the foundation of economic well being," he said.
"The energy strategists of Japan many years ago made the decision that nuclear is essential, and will remain so."
Mr Borshoff has also defended the safety of nuclear power and, in particular, the plant at Fukushima.
"It has withstood forces way beyond its design specification," he said.
Paladin DOES NOT SELL any Yellowcake to Japan.
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