Nuclear power is a non-carbon emitting source of energy. Canada, as the world’s second-largest uranium producer, is well positioned to fulfil the fuel requirements for nuclear-generated electricity worldwide. Canada’s exports are currently valued at more than $1 billion per year, and the uranium sector employs about 5,000 Canadians.
Our government encourages the Canadian uranium and nuclear industries to capitalize on opportunities at home and abroad, for instance, in the growing nuclear energy markets in China and India. Any nuclear energy trade, including uranium, abide by bilateral Nuclear Cooperation Agreements that outline nuclear non-proliferation conditions.
Canada also welcomes foreign investment in Canada’s domestic uranium mining properties under the terms of the Non-Resident Ownership Policy in the Uranium Mining Sector (NROP).
The NROP requires a minimum level of resident ownership in individual mining properties of 51 percent at the stage of first commercial production. However, resident ownership levels for individual production projects of less than 51 percent will be permitted, if it can be clearly established that the project is in fact Canadian-controlled.
Exemptions to the policy are granted by the Government in cases where it can be demonstrated clearly that Canadian partners cannot be found.
Paladin Energy Ltd. has satisfied the conditions for an exemption under the NROP for foreign-majority ownership of a uranium mine property in Canada. Specifically, the company has demonstrated that there are no Canadian partners that would be interested in leading the development of the proposed Michelin mining project in Labrador.
Any proposal to develop a uranium mine in Newfoundland and Labrador would be subject to the applicable environmental, community impact and other assessments by the Canadian Nuclear Safety Commission (CNSC) and other relevant authorities.
Media Relations
Natural Resources Canada
Ottawa
613-992-4447
