Canada Grants ‘Historic’ Exemption on Uranium Mine Ownership

Canada approved Australia’s Paladin Energy Ltd. to hold a majority stake in a planned uranium mine in Newfoundland and Labrador, a decision that may open the door for other foreign investors seeking supplies of the nuclear fuel.

The government granted an exemption under its Non-Resident Ownership Policy, which for more than two decades has stipulated that uranium mines must be at least 51 percent Canadian-owned when they start production. The move allows Paladin to proceed with development of the Michelin project, the company said in a statement Monday.