June 22, 2015 Ottawa Natural Resources Canada
The Honourable Greg Rickford, Canada’s Minister of Natural Resources, today announced that the Harper Government has approved an application by Paladin Energy Ltd., of Australia, for majority ownership of a proposed uranium mine in Newfoundland and Labrador.
The proposal is supported by the governments of Newfoundland and Labrador, Saskatchewan and Australia, as well as Canada’s uranium mining sector. Canada welcomes foreign investment in our uranium mining properties under the terms of the Non-Resident Ownership Policy in the Uranium Mining Sector (NROP).
Under the NROP, exemptions are permitted to the requirement for 51 percent resident ownership in cases where it can be clearly demonstrated that Canadian partners cannot be found. Paladin has demonstrated that there are no Canadian partners that would be interested in leading the development of the proposed Michelin mining project in the Central Mineral Belt of Labrador.
The proposed project was subject to a national security review and no concerns were identified.
Paladin estimates that the proposed Michelin project could create up to 750 jobs during the construction phase and up to 350 jobs during the operational phase, with additional benefits to the local Aboriginal communities through investments in infrastructure development and training.
Any proposal by Paladin to develop a uranium mine in Newfoundland and Labrador is subject to environmental and community impact assessments by the Canadian Nuclear Safety Commission (CNSC) and other relevant authorities. The CNSC regulates all uranium mining and processing facilities in Canada to protect human health and safety, security and the environment.
The Honorable Greg Rickford
Minister of Natural Resources
Government of Canada
Managing Director/Chief Executive Officer
Paladin Energy Ltd.
Office of the Minister of Natural Resources
Natural Resources Canada
Mon.–Fri., 8:30 a.m.–4:30 p.m. EST
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