04:39:24 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Paladin Energy Ltd
Symbol PDN
Shares Issued 836,990,783
Close 2013-03-15 C$ 1.07
Market Cap C$ 895,580,138
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Globe/wire say Paladin, others seek foreign investment

2013-03-18 09:11 ET - In the News

The Globe and Mail reports in its Monday edition two of the world's biggest uranium miners, Rio Tinto and Areva, are pressing Canada to change a Cold War-era policy that curbs foreign ownership of uranium mines. A Reuters dispatch to The Globe says the campaign, backed by the Australian government, two Canadian provinces and Western Australia-based uranium producer Paladin Energy, could unlock some of the world's highest-grade ore for development just as demand for the radioactive element looks to surge. Unlike Australia, which has no restrictions on uranium-mine ownership, Canada restricts foreign companies from owning more than 49 per cent of any uranium mine. There are no ownership restrictions on foreign participation in exploration. "It's such an absurd situation," John Borshoff, managing director of Paladin, told Reuters. Mr. Borshoff said the Australian government, Rio Tinto and Paladin are joining to lobby Ottawa, while Saskatchewan and Newfoundland are also pressing for change. Ranking behind Kazakhstan, Canada is the world's second-biggest producer of uranium, which is mostly used to power nuclear reactors. Canadian uranium, produced in Saskatchewan, accounts for 17 per cent of global output.

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