Paladin Energy gets Canada OK for majority ownership of proposed uranium mine

Australian energy company Paladin Energy, Ltd. was been approved for majority ownership of a proposed uranium mine in Newfoundland and Labrador, Canadian Minister of Natural Resources Greg Rickford said Monday.
 
Prior to approval, the Non-Resident Ownership Policy in the Uranium Mining Sector was reviewed in terms of potential threats or concerns to national security. None was found.
   
The agreement has support from the Canadian and Australian governments as well as the provincial government of Saskatchewan and the local governments of Newfoundland and Labrador. The agreement was made under the understanding that no Canadian entity was willing or able to obtain majority ownership of the project.

"Canada is a highly respected jurisdiction and an important contributor to global uranium production, setting leadership standards for operation in this sector," Paladin Managing Director and CEO John Borshoff said. "Paladin is delighted to have achieved this foreign ownership exemption, overcoming a huge hurdle for us. We thank the Canadian government for this historic decision and, more importantly, the trust those authorities involved have shown in Paladin which we take very seriously. Further, by granting this exemption the government has also reinforced the spirit of reciprocity that anchors investment and trade relations between Australia and Canada."

Further development plans on the part of Paladin over the mining facility is subject to environmental and community impact evaluations to be completed by the Canadian Nuclear Safety Commission.

Organizations in this story

Paladin Energy, Ltd 502 Hay Street, Subiaco, Western Australia 6008 ,

Canadian Nuclear Safety Commission 280 Slater Street, Ottawa, ON K1P 5S9 ,

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