May 17, 2012. Australia's uranium supply to India will be demand based once the approvals for the yellow cake exports to New Delhi are finalised, Energy Minister Martin Ferguson has said. Australia's uranium reserves are the world's largest, with 23 per cent of the total. He said that Australian uranium industry was growing and the amount to be sold to countries like India would be based on demand and between the buyers and sellers. Ferguson, a strong supporter of the uranium industry, had been lobbying within the government for Labor to re-instate the Howard policy of selling uranium to India.