BHP Billiton is to reactivate the Yeelirrie project in the Goldfields after the Western Australian Government lifted a long standing ban on uranium mining.
The ABC reports the company has written to Mines Minister Norman Moore to advise him of its decision.
BHP said on Tuesday it's assembling a team to evaluate mining and processing options and to prepare an environmental impact statement.
Another company with a uranium deposit in the Goldfields is aiming to export its first yellowcake during the current State Government's term.
Energy and Minerals Australia owns the Mulga Rock deposit, which is one of Australia's biggest.
Managing director Chris Davis said yellowcake has been exported from the Northern Territory for more than 30 years.
On Monday, the WA Liberal National Government formally lifted a ban imposed in 2002.
Mining leases granted from Tuesday will no longer contain a clause excluding uranium mining.