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Australia’s Paladin Energy Ltd.is confident its proposed acquisition of Canada’s Fission Uranium Corp. will clear a national security probe, as Ottawa makes enquiries about CGN Mining Co. Ltd., a China-based state-owned deal stakeholder.
Perth-based Paladin last month said it had reached a friendly agreement to buy Kelowna, B.C.-based Fission in an all-stock transaction worth $1.14-billion. Fission is developing the Patterson Lake South (PLS) uranium project in the Athabasca Basin region of Saskatchewan and hopes it will be in production by the end of the decade.
Before a deal can close, the transaction must be cleared by Industry Minister François-Philippe Champagne, who is currently conducting a national security review.
Ian Purdy, the chief executive of Paladin, said in an interview that meetings earlier this week with government officials about the transaction had gone well. “The feedback from the government departments was very positive and very supportive of the deal in all aspects,” he said.
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