The state government in New South Wales has received 39 expressions of interest for uranium exploration.
A ban imposed 26 years ago on the granting of licences has been overturned.
State Resources minister Chris Hartcher said a panel will assess the 39 applications "on the basis of the best interests of the state".
AAP reports recommendation about whether to grant an exploration licence will then be made to the government.
Mr Hartcher said creating a uranium mining industry will contribute significantly to the NSW economy.
"It is time for NSW to look at every opportunity to join the mining boom which is delivering enormous profits and jobs to Western Australia, Queensland and South Australia," he said in a statement on Wednesday.