Thorium Power hails India’s move on private participation in nuclear sector

22 Jan 2009

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Developer of non-proliferative nuclear fuel Thorium Power Ltd, based in Virginia USA, a likely forerunner in India's nuclear power sector, has welcomed recent signals from the union government for increased private participation in the sector.

Thorium Power implements nuclear development programmes and solutions and through its advisory services business assists commercial and government entities with the development and expansion of their nuclear industry capabilities and infrastructure. It has been working with researchers in Russia since the early 1990s to commercialise thorium.

According to Seth Grae, president and chief executive officer of Thorium Power Ltd,  the public and private sectors had considerable technological expertise in the nuclear power industry and as such. "We believe the future of India's nuclear industry rests on strategic and effective collaboration,'' he said.

Grae said the private sector would be able to advance a "nuclear renaissance" in India, even though full participation in the country's nuclear programme would take time. He said given the technological and scientific capabilities in the private sector, India's nuclear programme could benefit from private participation.

he added that private sector involvement could enable India to accelerate its nuclear development programme.

''From our perspective as a foreign player, we anticipate a number of collaborative, partnering opportunities with private sector entities,", which could play a key role in the development of the nuclear industry.

Procedural steps would need to be implemented to amend the Atomic Energy Act, he said, and a number of regulatory and operational issues would be required to be addressed.

In December 2008, Thorium Power had signed a memorandum of understanding with Punj Lloyd Group, making it the first US company to enter India following the passage of the 123 Agreement to develop nuclear fuel designs in India, Southeast Asia and else where. (See: Punj Lloyd, US-based Thorium Power sign MoU).

The JV with Punj Lloyd will consider deployment of Thorium Power's nuclear fuel technology in the country along with setting up an investment fund for investing in India and globally. It will also explore the establishment of an operating company in India.

India has the second largest deposit of thorium in the world and the successful launch of thorium technology would make India self reliant with its own fuel in the long run, whereas the quality of uranium mined in Jaduguda in Jharkand has only 0.4 per cent purity, making it extremely expensive as a fuel for nuclear power generation.

Since thorium is widely available in the sandy beaches of India and is a naturally occurring, slightly radioactive element, it is being heralded by advocates as a safer alternative to uranium that could help limit the production of nuclear waste and prevent nuclear technology from being used for energy.

The Indian government has said that it wants to promote new nuclear plants running on thorium to help meet its soaring energy needs.

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