Mon, Jun. 22, 12:59 PM
- Canada's government says it has approved an application for Australia’s Paladin Energy (OTCPK:PALAF +4%) to construct its proposed Michelin uranium mine in the provinces of Newfoundland and Labrador, making a rare exception to its policy that requires uranium mines to be majority owned by Canadian companies.
- Analysts say the approval may open the door to other foreign investors seeking majority ownership of Canadian uranium mines, and could encourage investment by two Chinese utilities that have said in recent months they are looking at Canada for acquisitions.
- Canadian companies that own non-producing uranium assets in the country include Cameco (CCJ +0.9%), Fission Uranium (OTCQX:FCUUF +2.1%) and Denison Mines (DNN -1.1%).
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