This ought to give Bush fits. I mean they've got their panties all in a bunch about Iran's Uranium processing program.
Australia is negotiating with a deal with China to sell Uranium, well, yellowcake anyway, to the Chinese. But first the Aussies want assurances that China won't use their yelowcake for military purposes. However, Uranium is fungible. If China agrees not to use the Aussie Uranium for military purposes, that just frees up an equivalent amount of Uranium either produced locally or purchased somewhere else for military purposes.
And while extracting U-235 from natural Uranium is a pain in the ass, extracting Pu-239 from spent reactor fuel is much easier. At least the Russians required the Iranians to send back the spent reactor fuel so they couldn't process the Plutonium out of it.
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